Shares of Ballarpur Industries today gained over 6 per cent after the company said one of its subsidiary was exploring fund-raising from International Finance Corp (IFC) and also a potential overseas listing.
The stock rose by more than 6 per cent to Rs 20.25 in morning trade at the BSE, before paring some of the gains. The shares were trading 1.6 per cent higher at Rs 19.35 around the mid-day trade.
The company announced that its step-down subsidiary "Ballarpur International Graphic Paper Holdings (BIGPH) is evaluating and exploring options with IFC for receiving a potential investment in a combination of debt and/or equity in BIGPH and/or its step down subsidiaries."
Ballarpur also said that it is exploring the possibility of listing equity shares of BIGPH at an overseas stock exchange.
