Bajaj Hindustan to raise Rs 1,500 cr from overseas
Bajaj Hindustan on Wednesday said that it will raise Rs 1,500 crore from the international markets.
By PTI |
MUMBAI: Sugar manufacturer Bajaj Hindustan on Wednesday said that it will raise Rs 1,500 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 Rs 1,500 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 July 1, 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 per cent stake in Bajaj Hindusthan.
Shares of Bajaj Hindustan closed at Rs 74.65, up 0.34 per cent on the BSE.
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 Rs 1,500 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 July 1, 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.
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Following the share transfer, Shishir holds a 32.47 per cent stake in Bajaj Hindusthan.
Shares of Bajaj Hindustan closed at Rs 74.65, up 0.34 per cent on the BSE.
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