Bajaj Hindustan okays rights issue to raise upto Rs. 2,000 crore

Bajaj Hindustan okays rights issue to raise upto Rs 2,000 cr
India"s largest sugar firm, Bajaj Hindustan Limited (BHL), has decided to raise up to Rs. 2,000 crore through making a rights issue to its shareholders. The same has been approved by its board of directors. The company did not disclose the purpose of utilization of the funds.

The net profit of the company on a standalone basis increased from Rs. 31.79 crore in the quarter ended March 31, 2010 to Rs. 72.82 crore during the same period in 2011, an increase of 129 per cent. Also, the net sales increased by 120 per cent, from Rs. 567.44 crore to Rs. 1,252.49 crore under the review period.

BHL owns 14 sugar plants in Uttar Pradesh (UP). The plants have a daily cane crushing capacity of 1.36 lakh tonnes. The company recently diversified into the power sector. It is setting up five new coal-based power plants in UP with investments of Rs. 2,300 crore. The plants will have a total power generation capacity of 450 MW each at a cost of Rs. 2,300 crore.

Read more about: bajaj hindustan, fmcg, sugar, nse, bse
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