Bajaj Hindusthan repays debt using QIP funds

Bajaj Hindusthan Ltd has announced that the net proceeds from issue of 3,54,50,000 equity shares of the face value of Re 1 each at a price of Rs 204/- per share to QIBs under the recent QIP accomplished by the Company have been utilized in full for repayment / prepayment of working capital in accordance with the terms of the issue, resulting into reduction in the indebtedness of the Company by approx Rs 710 crore.

The stock was trading at Rs.145.70, up by Rs.13.60 or 10.30%. The stock hit an intraday high of Rs.149.15 and low of Rs.135.

The total traded quantity was 3303783 compared to 2 week average of 1638399.

Source : Equity Bulls

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