Bajaj Hindustan to raise Rs1,500 cr from overseas

Bajaj Hindustan to raise Rs1,500 cr from overseas
PTI
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First Published: Wed, Apr 22 2009. 05 28 PM IST
Updated: Wed, Apr 22 2009. 05 28 PM IST
Mumbai:Sugar manufacturer Bajaj Hindustan today said it will raise Rs1,500 crore from the international markets.
In a filing to the Bombay Stock Exchange Bajaj Hindustan said its shareholders at the annual general meeting has authorised the board to issue securities in one or more tranches on one or more foreign markets for up to Rs1,500 crore.
The said amount would be raised in rupee or foreign currency denominated bonds via Global Depository Receipts (GDRs), American Depository Receipts (ADRs) or Foreign Currency Convertible Bonds (FCCBs).
The above securities would be alloted on the basis of institutional placement to Qualified Institutional Buyers.
Further, the shareholders has approved the re-appointment of Shishir Bajaj as managing director of the company for a further period of five years, with effect from 1 July, 2008.
Earlier this year, the then warring brothers of the Bajaj empire- Rahul and Shishir- had entered into an agreement pursuant to which Shishir assumed entire control of the sugar major.
Following the share transfer, Shishir holds a 32.47% stake in Bajaj Hindusthan.
Shares of Bajaj Hindustan closed at Rs74.65, up 0.34% on the BSE.
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First Published: Wed, Apr 22 2009. 05 28 PM IST