Ballarpur Industries, the Indian paper maker controlled by Gautam Thapar, plans to raise about US$250 million ($314 million) in a Singapore listing of its international operations, said people with knowledge of the matter.
The company is working with Deutsche Bank AG on the deal, said the people, who asked not to be identified because the information is private. The share sale may take place in the second half, they said.
Ballarpur Industries is pursuing an IPO of the business as it seeks to cut debt that swelled to 52.1 billion rupees ($1.07 billion)) by the end of December, from 38.8 billion rupees in June 2011, data compiled by Bloomberg show. The company said this month that it’s considering options for fundraising, without providing specifics.
The company continually reviews its financing requirements and will announce any plans at the appropriate time, Shravani Dang, a spokeswoman for Ballarpur Industries, said in an e- mailed statement. Linus Chettiar, a Mumbai-based spokesman at Deutsche Bank, declined to comment.
In 2011, Ballarpur Industries deferred plans for a US$330 million London initial public offering of its unit BILT Paper Plc. BILT said at the time it will wait to seek a higher price, after U.S.-based International Paper Co. agreed to buy Indian rival Andhra Pradesh Paper Mills for almost three times its market value.
Thapar is also seeking buyers for his stake in electrical equipment maker Crompton Greaves, people familiar with the matter said in March.
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