Ballarpur Industries has surged over 3% to Rs 18 on BSE as the board of IFC approved investment comprising a combination of an equity investment of up to $100 million and long term loans of up to $150 million into the company.
The proposed investments would be subject to satisfactory documentation and satisfaction of all necessary conditions of International Finance Corporation (IFC). The proposed investments will predominantly be used to prepay some of the existing debts.
On BSE, so far nearly 19 lakh shares were traded in the counter, compared with an average volume of 8.48 lakh shares in the past one quarter. The stock hit a high of Rs 18.90 and a low of Rs 17.80 so far during the day.
