Date:30/01/2006 URL: http://www.thehindubusinessline.com/2006/01/30/stories/2006013001040200.htm

Back Bajaj Hindusthan raises $255.6 m from GDRs, bonds

Our Bureau

Mumbai , Jan. 29

SUGAR major Bajaj Hindusthan Ltd has informed BSE that it raised $255.604 million through issues of global depository receipts (GDRs) and convertible bonds.

The company raised $135.604 million through the issue of 16,700,000 GDRs and $120 million through the issue of convertible bonds (both excluding the greenshoe). The GDRs were priced at $8.12 each (equivalent to Rs 358 per share).

The zero-coupon convertible bonds have a tenor of five years and have a conversion price of Rs 465.40 per share, a premium of 30 per cent to the price of the current GDR issue.

The GDRs and the convertible bonds will be listed on the Luxembourg Stock Exchange.

Citigroup acted as the sole book-runner and lead manager to this transaction.