New Delhi: The country’s largest sugar firm, Bajaj Hindusthan, on Monday said it has paid nearly $18 million, including a premium, to redeem foreign currency convertible bonds (FCCBs) issued to International Finance Corporation (IFC).

The company had issued FCCBs aggregating to $15 million to the US-based IFC, the lending arm of World Bank Group.

“... the FCCBs aggregating to $15 million issued by the Company to IFC, Washington, the company has made repayment of an aggregate amount of $17.723 million, including the redemption premium of $2.723 million on the due date (16 June , 2014) in accordance with the terms and conditions of the said FCCBs," the company said in a BSE filing.

With the aforesaid repayment, entire outstanding FCCBs held by IFC stand redeemed on maturity, the filing added.

Shares of the company today closed at 29.50 apiece on BSE, up by 9.87%.

Bajaj Hindusthan has 14 sugar plants in Uttar Pradesh with a sugarcane crushing capacity of 136,000 tonne crushed per day (TCD) and a distillery capacity to produce 0.8 million litres of alcohol a day.

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