Online BusinessBajaj Hind EGM on Dec 16 for raising Rs 2,000 cr
The country"s largest sugar manufacturing firm, Bajaj Hindusthan, today said its shareholders will meet on December 16 to consider and approve raising of Rs 2,000 crore from domestic and international markets.
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The shareholders are expected to take up the fund raising proposal at its extraordinary general meeting (EGM) scheduled to be held on December 16, Bajaj Hindusthan said in a filing with the Bombay Stock Exchange (BSE).
The board of directors at its meeting held on November 13 had approved convening of the extraordinary general meeting for the purpose, it said.
The funds are expected to be used to finance its proposed foray into the power business.
Bajaj Hindusthan, a part of the Bajaj Group, is a sugar and ethanol manufacturing firm.
The company, which has a sugar production capacity of 135,000 tonnes a day, intends to set up 1,000 MW power capacity in phases through a subsidiary.
The firm has 10 sugar plants, which are all located in Uttar Pradesh.
Shares of Bajaj Hindusthan closed at Rs 223.80, up 1.52 per cent from previous close on the BSE.