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Our Bureau

New Delhi, June 27

Ballarpur Industries Ltd (BILT) has said that it has approved allotment of 8,00,638 equity shares of Rs 10 each to a Netherlands-based firm through part conversion of an earlier FCCB issue of $45 million. This translates into less than one per cent stake in BILT for Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden NV (FMO). Earlier in November 2003, BILT's $45-million FCCB issue was subscribed by three multilateral agencies — IFC (Washington), FMO (the Netherlands) and DEG (Germany) — with FMO receiving $15 million of the issue.

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