Bajaj Hindusthan Sugar calls of J P Morgan deal to raise resources

With reference to the earlier announcement dated December 06, 2006, regarding raising of up to USD 61.8 million proposed to be subscribed by J P Morgan Securities (Asia Pacific) Ltd and / or its affiliates towards (a) preferential issue of equity shares upto an aggregate value of USD 9 million; and (b) issue of FCCBs upto an aggregate value of USD 52.8 million, Bajaj Hindusthan Sugar & Industries Ltd has announced that the deal with J P Morgan has been called off as other terms and conditions for the Preferential Issue / FCCBs could not be finalized till February 14, 2007, being the last date for completing the allotment under the said in-principle approval. The other Preferential Allotment of Equity Warrants aggregating to Rs 140 Crore to promoters and Equity Shares aggregating to Rs 25 Crore to Bennett, Coleman & Co. Ltd. contemplated under the said in-principle approval has been made earlier on February 09, 2007.

The Company has initiated discussions for alternate arrangement for its fund raising program.

Source : Equity Bulls

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