Ballarpur Industries has raised Rs300 crore through share sale and issue of bonds to a promoter group—BILT Paper Holdings Ltd—on a preferential basis

Ballarpur Industries Ltd, India's largest manufacturer of writing and printing (W&P) paper, on Thursday said that it has raised Rs300 crore through share sale and issue of bonds to a promoter group—BILT Paper Holdings Ltd—on a preferential basis, reports PTI.

The committee of directors of borrowing has allotted 4.5 crore shares at Rs30 per share, aggregating to Rs135 crore and 5.5 crore bonds at Rs30, totalling to Rs165 crore, Ballarpur Industries said in a filing to the Bombay Stock Exchange.

The securities under the preferential offer would be subject to a lock-in period of three years from the date of allotment, the filing added.

The company also allotted 5.5 crore zero-coupon compulsory convertible bonds. The bonds would be convertible into the same amount of equity shares of the face value of Rs2 each of the company, at the option of the promoter any time within 18 months from the date of allotment.