Shares of Bajaj Hindusthan Sugar rose by over 2 per cent today after the company said it will seek shareholders' approval for the proposed sale of its co-generation power business to group firm Lalitpur Power Generation Company Ltd (LPGCL) for about Rs 1,800 crore.
The stock gained 2.17 per cent to end at Rs 15.10 on BSE. During the day, the it surged 4.12 per cent to Rs 15.39.
At NSE, shares of the company went up by 2.37 per cent to close at Rs 15.10.
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On the volume front, 11.54 lakh shares of the company were traded on BSE and over 46 lakh shares changed hands at NSE during the day.
In a filing to the BSE yesterday, the company said that its board considered seeking necessary approval of shareholders by way of postal ballot "for sale of co-generation business comprising of power generation facility aggregating to 449 MW."
Approval would also be sought for "entering into contracts/arrangements in respect of the aforesaid transaction with related party for sale of co-generation power business and also transactions of purchase of power and steam, sale of bagasse, bio-gas and water, right to use agreement for use of common facilities," it added.
Last month, Bajaj Hindusthan Sugar had announced plans to sell its co-generation power business to LPGCL for about Rs 1,800 crore.
Bajaj Hindusthan has 14 sugar mills with cane crushing capacity of 1.36 lakh tonnes per day and alcohol distillation capacity of 800 kilo litres per day.
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