Bajaj Hindusthan repays ECBs worth $80 mn

Sugar company Bajaj Hindusthan today said it has fully repaid external commercial borrowings (ECB) worth $80 million (about Rs 389 crore).

"The ECB of Yen 9,191,200,000 in form of syndicated term loan facility, which was raised in 2006-07, for the purpose of financing the capital expenditure, has been repaid in full on its due date January 27, 2012, upon completion of its average maturity of 5 years," the company said in a filing to the BSE.

Bajaj, which has 14 sugar plants in Uttar Pradesh with cane crushing capacity of 1.36 lakh tonnes per day, had raised Rs 1,480 crore in November last year through a rights issue.

The company has also made a foray into power business and is setting up five new coal-based power plants in Uttar Pradesh with generation capacity of 450 MW at a cost of Rs 2,300 crore.

Through a consortium, it is also setting up two mega thermal power projects with a capacity of 1,980 MW each.

Shares of the company rose 1.85 per cent to Rs 35.70 a piece today on the BSE.