Ballarpur Industries shares surged as much as 9 per cent on Monday after the company's board approved the divestment of its entire equity stake of 98.08 per cent in Malaysian subsidiary Sabah Forest Industries.
Ballarpur Industries Limited (BILT), part of the Avantha Group, is among India's largest manufacturers of writing and printing (W&P) paper.
BILT had acquired Sabah Forest Industries, a pulp and paper manufacturer, in 2007 for $261 million.
BILT said that divestment is subject to regulatory approvals from the government of Malaysia and due diligence of the bankers' of the prospective buyer.
At 11:01 a.m., shares of BILT were up 5 per cent at Rs 15.30 as compared to a flat Nifty.
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