Bajaj Hindusthan Redeems Foreign Currency Bonds
Bajaj Hindusthan, India's largest sugar firm, on Monday 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 company, which is 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 filing to the BSE.
With the aforesaid repayment, entire outstanding FCCBs held by IFC stand redeemed on maturity, the filing added.
Shares in Bajaj Hindusthan, on Monday, ended at Rs 29.50 apiece on the BSE, up 9.87 per cent from the previous close.
Bajaj Hindusthan has 14 sugar plants in Uttar Pradesh with a sugarcane crushing capacity of 136,000 TCD (tonnes crushed per day) and a distillery capacity to produce 8 lakh litres of alcohol a day.
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