The board of Bajaj Hindusthan Sugar on Thursday approved an issue of optionally convertible debentures to lenders to convert its debt of ₹3,480 crore into equity. In a disclosure to the exchanges, the company said, the debenture issue is part of the Sustainable Structuring of Stressed Assets scheme, under which the unsustainable portion of debt is converted into equity. The debt restructuring plan, as submitted by the State Bank of India-led group of bankers, was approved by the Overseeing Committee of the Reserve Bank of India earlier this month. Of the total debt of ₹8,280 crore, the company’s sustainable debt is ₹4,790 crore. Besides SBI, other lenders are Punjab National Bank, IDBI Bank, Bank of Baroda, Bank of India, and Canara Bank. Shares of Bajaj Hindusthan Sugar slipped 1.4 per cent at ₹14.15 on the NSE.

Insilco has received a letter from Central Pollution Control Board, based on inspection by the special high power committee, asking for appropriate reason/clarification on the high total dissolve solids (TDS) effluent discharge. The company has replied that it is complying with the conditions under the issued water consent order by Uttar Pradesh Pollution Control Board (UPPCB). It has further mentioned that no TDS level for the effluent discharge has been prescribed for the unit of Insilco and instead Insilco’s unit is required to maintain Sodium Absorption Ratio limit, which is being complied with, along with all other conditions of water consent issued by the UPPCB. The company has also shared the steps taken to improve Insilco’s infrastructure. Shares of Insilco edged down 2.8 per cent at ₹29.45 on the BSE.

Related Topics