India's largest paper company Ballarpur Industries Ltd on Thursday announced a global depository receipts public issue to raise $30 million in the international market.
"BILT will float a GDR issue, aggregating upto $30 million dollars [about Rs 137.50 crore (Rs 1.37 billion)] in the international market," a company press release said in New Delhi.
Besides, the company also announced plans for private placement of foreign currency convertible bonds, aggregating upto $45 million [Rs 205 crore (Rs 2.05 billion)].
The funds from the issue would be utilised for normal capital expenditure, modernisation, captive farm forestry, general corporate purposes and working capital requirements.
"The decision was approved by the company's board of directors at a meeting held on Thursday and is a modification of its earlier decision as declared in the previous board meeting (held on August 25) for the issuance of foreign currency convertible bonds aggregating to $60 million [Rs 275 crore (Rs 2.75 billion)] in the international market," the release added.