Bajaj Hindusthan hits the roof after board OKs corp. rejig

Bajaj Hindusthan Sugar hit an upper circuit limit of 5% at Rs 14.51 after the company said its board has granted in-principle approval for exploring various options for corporate restructuring to enhance stakeholders' value.

Bajaj Hindusthan Sugar's board has granted in-principle approval for exploring/evaluating various options for capital restructuring/realignment, resolution plan for debt, merger of power business in the group, demerger of its existing operations and other corporate restructuring to streamline the corporate structure and enhance stakeholders' value.

The board also delegated powers to the officers of the company to explore/evaluate these various options in consultation with advisors.

Bajaj Hindusthan Sugar is a sugar and ethanol manufacturing company. The company has fourteen sugar plants, which are all located in the northern Indian state of Uttar Pradesh (UP). These plants have an aggregate sugarcane crushing capacity of 136,000 tcd (tonnes crushed per day) and a distillery capacity to produce 800,000 litres of alcohol per day.

On a consolidated basis, Bajaj Hindusthan Sugar reported net loss of Rs 164.53 crore in Q3 December 2021, lower than net loss of Rs 190.55 crore in Q3 December 2020. Net sales declined 28.67% to Rs 1257.23 crore in Q3 December 2021 over Q3 December 2020.

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