Ballarpur Industries Limited announced a private placement of 2,132,553 0.01% Cumulative Redeemable Preference Shares at the face value of INR 100 each for an aggregate gross proceeds of up to INR 21,32,55,300 on September 8, 2023. The transaction will include participation from new investors Suraksha Asset Reconstruction Private Limited for 188,230 shares for INR 18,823,000, Finquest Financial Solutions Private Limited for 260,000 shares for INR 26,000,000, IDBI Bank Limited for 1,628,519 shares for INR 162,851,900 and Life Insurance Corporation of India for 55,804 shares for INR 5,580,400. The transaction has been approved by the board of directors of the company.