Bajaj Hindusthan Sugar & Industries EGM approves preferential issue to JP Morgan, Bennett Coleman

Bajaj Hindusthan Sugar & Industries Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 29, 2006, inter alia, have accorded to the following:

1. Preferential Issue of shares / warrants / convertible securities to promoter — Bajaj Hindusthan Ltd, J P Morgan Securities (Asia Pacific) Ltd and / or its affiliates ("JPMorgan") and Bennett Coleman & Co Ltd, upto Rs 205 crores at a price not less than Rs 50 per share.

2. Further issue of share capital under section 81(1A) of the Companies Act, 1956 by private placement or ADR / GDR / FCCB issue or Qualified Institution Placement, etc., upto Rs 1500 crores.

3. Increase of Authorised Share Capital from existing Rs 25.05 crores to Rs 40.00 crores.

Source : Equity Bulls

Keywords