BALLARPUR INDUSTRIES LTD. - Update
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| 04 Apr 2016 | |
| With reference to earlier letter dated March 02, 2016 for sale of entire equity stake of 98.08% in Sabah Forest Industries Sdn. Bhd., Malaysia (SFI) by Ballarpur Paper Holdings B.V. (BPH), a step down subsidiary of the Company and holding company of SFI to M/s Pandawa Sakti (Sabah) Sdn. Bhd., Malaysia (Purchaser) pursuant to the Share Sale Agreement, Ballarpur Industries Ltd has now informed BSE to update on the transaction as under:<BR><BR>1. The Buyer has confirmed that he has obtained necessary commitments for disbursement of funds by end April, 2016.<BR><BR>2. Based on the above and other formalities to be completed by the Buyer for closure of the deal, he has requested for an extension of the long stop date (LSD) upto May 16, 2016.<BR><BR>3. The Buyer has furnished us another Guarantee for an amount of USD 10 Million as an additional security (earlier performance guarantees of USD 22.50 Million executed in favour of BPH continue to be valid).<BR><BR>In view of the aforesaid progress, ongoing discussions and the Buyer having moved substantially forward in his financing arrangements to consummate the transaction, the LSD for sale of entire SFI equity stake has been extended upto May 16, 2016. | |
| View all announcements for BALLARPUR INDUSTRIES LTD. | Source: BSE India |
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