Bajaj Hindusthan redeems FCCBs

NEW DELHI: The country's largest sugar firm Bajaj Hindusthan today said it has paid nearly $ 18 million, including a premium, to redeem foreign currency bonds issued to International Finance Corporation ( IFC).

The company had issued foreign currency convertible bonds (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 (June 16, 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 Rs 29.50 apiece on BSE, up by 9.87 per cent.

Bajaj Hindusthan has 14 sugar plants in Uttar Pradesh with a sugarcane crushing capacity of 136,000 TCD (tonne crushed per day) and a distillery capacity to produce 8 lakh litres of alcohol a day.