Bilts $35-million GDS Issue Oversubscribed 1.5 Times

New Delhi, Nov 13: | Updated: Nov 14 2003, 05:30am hrs
The $35 million GDS issue of Ballarpur Industries Limited (Bilt) has been oversubscribed by 1.5 times, according to a company release. The largest Indian paper company has also successfully placed its foreign currency convertible bonds (FCCBs) aggregating to $45 million. The company has thus raised $80 million from the foreign markets.

Global Depositary Shares (GDSs) were priced at $8.27 with each GDS representing five common shares of the company. The GDSs of the company were priced at a discount of 2.1 per cent to the closing price of Rs 76.65 at close on November 13, 2003, on The Stock Exchange, Mumbai (BSE).

According to the company release, the issue attracted demand from various foreign funds and investors globally.

JP Morgan was the sole bookrunner while JP Morgan and CLSA acted as joint global co-ordinators of the offering.

The foreign currency convertible bonds (FCCBs) aggregating to $45 million have a conversion price of 115 per cent to the GDS issue price.

Bilts vice chairman and managing director Gautam Thapar said, We are encouraged with the overwhelming response that our capital raising exercise has attracted from some of the highest quality investors in the world.

The company has four paper plants in the states of Orissa, Haryana and Maharashtra. Bilt also has a pulp-making facility in the state of Andhra Pradesh.