Indian paper maker Ballarpur Industries plans to form a new holding company for its Ballarpur International Graphic Paper Holdings, and list the subsidiary on the London Stock Exchange, Reuters reported. Ballarpur International Graphic Paper Holdings is partially owned by private equity funds JPMorgan Mauritius Holdings VII Ltd. and Lathe Investments PTE Ltd.
(Reuters) – India’s biggest paper maker Ballarpur Industries Ltd (BILT.BO) said on Friday it plans to set up a new holding company for its unit Ballarpur International Graphic Paper Holdings (BIGPH) and list the holding company on the London Stock Exchange.
Ballarpur currently holds 79.53 percent in BIGPH through a wholly owned unit and the rest is held by two private equity investors.
The listing of the new holding company will follow an initial public offering and the proceeds from the issue will be used to fund capacity expansion and to cut debt. (Reporting by Swati Pandey; editing by Rosemary Arackaparambil)