Avantha Group company BILT Paper Plc (BPP) on Tuesday said it would raise $330 million through a listing on the London Stock Exchange and the proceeds would be used to finance expansion plans and repay debt.
The company plans to expand two existing paper production facilities.
BPP will be applying for admission to the premium listing segment of the official list of the UK Listing Authority (UKLA) to trade on the main market of the London Stock Exchange and to undertake an offering of ordinary shares. In a statement, BILT Chairman R. R. Vederah said the paper demand in India was expected to increase significantly throughout the next decade. “We believe that we are uniquely placed to benefit from this opportunity and the proceeds from the listing will help us meet this growth in demand,” he added.