In a filing to the BSE, the company informed that the promoters pledged over 29.49 crore shares, equivalent to 46.13 per cent stake, to SBICap Trustee Company Ltd during February 18-20 period.
As per shareholding pattern, the promoters held 46.13 per cent stake in the country's largest sugar firm as on December 31, 2014.
Last month, Bajaj Hindusthan Sugar had sought shareholders approval, through special resolution, for debt restructuring package of over Rs 10,000 crore.
"Owing to significant pressure on operating margins of the company and resultant liquidity constraints, the ability of the company to service its principal repayment and interest obligations were adversely affected," the company had said in an explanatory note to shareholders.
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Sugar mills based in Uttar Pradesh, including Bajaj Hindusthan, are facing losses due to higher cane prices and low ex-factory sugar rates, leading to huge arrear to farmers.
Bajaj Hindusthan's board had approved on December 25 last year the company's debt restructuring scheme.
The company had informed that the scheme include restructuring of working capital loans of Rs 3,667.75 crore and term loans of Rs 2,864.79 crore.
"The Scheme envisages extended repayment tenure of 10 years including moratorium period of 2 years from cut-off date (July 31, 2014) and funding of interest for a period of 2 years from cut-off date," the company had said.
Bajaj Hindusthan also said that 70 per cent of the funding for interest on restructured loans is proposed to be converted into equity shares at a price determined by SEBI guidelines and balance 30 per cent shall be repaid over 5 years starting from quarter ending September 30, 2016.