Bajaj Hindusthan to issue Rs 1,500 cr share capital

New Delhi, Dec 31 (UNI) Bajaj Hindusthan Sugar and Industries Ltd will issue Rs 1,500 crore share capital by private placement, issue of convertible securities or Qualified Institution Placement (QIP).

The company's members at an Extra Ordinary General Meeting (EGM) have accorded their aproval to the issue.

They also approved the issue of preferential shares and convertible securities up to Rs 205 crore at a price not less than Rs 50 per share to its promoters, Bajaj Hindusthan Ltd, J P Morgan Securities (Asia Pacific) Ltd and Bennett Coleman and Co Ltd.

Increasing of authorised share capital to Rs 40 crore from the existing Rs 25.05 crore was also approved at the EGM.

UNI