Bajaj Hindustan plans to raise Rs 1,820 crore via right issue and for this purpose it has filed the draft document with market regulator Securities and Exchange Board of India (SEBI). Last month the company’s board had decided to issue equity shares on rights basis to the existing shareholders of the company, for an issue size not exceeding Rs 2,000 crore.
The management committee has been authorized to decide on terms and conditions and other procedural modalities for the proposed rights issue.
Bajaj Hindustan is one of the leading manufacturers of sugar and ethanol. The company, has 14 sugar plants in Uttar Pradesh with a daily cane crushing capacity of 1.36 lakh tonnes, has also forayed into power business.
The company has reported a jump of 129% in its net profit at Rs 72.82 crore for the quarter ended March 31, 2011 against Rs 31.79 crore for the quarter ended March 31, 2010. The company has reported net sales / income from operations of Rs 1252.49 crore for the quarter ended March 31, 2011 against Rs 567.44 crore for the quarter ended March 31, 2010.
| Company Name | CMP |
|---|---|
| Shree Renuka Sugar | 28.14 |
| Bajaj Hindusthan Sug | 18.80 |
| Triveni Engg. & Inds | 393.00 |
| Balrampur Chini Mill | 486.00 |
| Dalmia Bharat Sugar | 394.05 |
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