Ballarpur Industries ends 8% higher on divestment plan

NEW DELHI: Ballarpur Industries Ltd rallied 9.71 per cent in intraday trade on Monday, after the company said they had called for a meeting over the weekend to consider and approve a binding offer received for divestment of its entire equity stake of 98.08% in its step down subsidiary Sabah Forest Industries Sdn, Bhd., Malaysia.

The stock ended the day 8.13 per cent higher or Rs 1.18 at Rs 15.69.

This is a preliminary consideration as divestment of its entire equity stake is subject to regulatory approvals of the Government of Malaysia and satisfactory financing bankers' due diligence of the prospective buyer.

"The Board discussed and approved the binding offer which is subject to regulatory approvals of the Government of Malaysia, satisfactory bankers' due diligence of prospective buyer and entering into definite agreements with the prospective buyer," Ballarpur Industries said in a press release.