Pursuant to conversion of existing preference shares into equity shares
Bajaj Hindusthan Sugar (BHSL) has acquired 98.01 % shareholding (post conversion) of Phenil Sugars (PSL) by way of conversion of existing preference shares into equity shares.There is a substantial appreciation in value of assets (mainly land) of PSL's both plants at Basti and Govindnagar. Accordingly it is recommended to take control over PSL to realise the investments made by BHSL in PSL. After taking control of PSL, BHSL may take necessary steps to realize amount by selling the assets of PSL in appropriate manner and/or putting the assets to appropriate usage.
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