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BILT to hive off three units

NEW DELHI: The board of directors of Ballarpur Industries Limited (BILT) has announced a scheme of arrangement and reorganisation under which the assets and liabilities of its units at Bhigwan, Ballarpur and Kamalapuram would be hived off into a wholly owned subsidiary through a ‘Slump Exchange’ through a court scheme. The subsidiary will be called BILT Graphic Paper Products Limited. The consideration will be Rs. 1,950 crore which will be satisfied by the issue of shares of Rs. 450 crore and non-convertible debentures of Rs. 1,500 crore by BGPPL to BILT.

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