The Hindu Business Line : Bajaj Hindusthan raises $100 m

NEW DELHI: Bajaj Hindusthan Ltd said on Wednesday it has raised $100 million through the issue of global depository receipts (GDRs) and foreign currency convertible bonds (FCCBs) and will be listed on the Luxembourg Stock Exchange.

The company raised $100 million through the issue of 20,833,000 GDRs, aggregating $60 million and $40 million through the issue of zero-coupon five-year convertible bonds (both excluding the greenshoe), the company stated in a release.

The GDRs and the convertible bonds will be listed on the Luxembourg Stock Exchange.

Citigroup acted as the sole book-runner and lead manager to the transaction, it added.

"We are extremely pleased with the successful outcome of our capital raising exercise. We believe this capital raising by Bajaj Hindusthan is a clear testimony of the strong faith international investors have shown in our business strategy and growth story. These funds will enable us to augment capacity and strengthen existing position as the pre-eminent sugar company in India," said Mr Kushagra Bajaj, Chief Executive Officer, Bajaj Hindusthan.

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