Ballapur Industries completes debut international equity offering

India''s largest paper manufacturer raises $80 million from a GDR and convertible bond offering.

CLSA and JPMorgan completed the year's third international equity offering out of India yesterday Thursday with a combined $35 million GDR and $45 million privately-placed convertible for Ballapur Industries.

The GDR saw 4.23 million units priced at a 2.1% discount to the stock's Rs76.65 close, with one unit equating to five shares. The deal was not widely marketed and placed with just 15 investors.

Books had earlier closed two times covered and it is estimated...

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