Sugar producer Bajaj Hindustan today said its board has approved a rights issue to raise upto Rs 2,000 crore.
At the meeting of the Board of Directors , "the company has considered and decided to issue equity shares on rights basis to the existing shareholders of the company, for an issue size not exceeding Rs 2,000 crore," Bajaj Hindustan said in a filing to the Bombay Stock Exchange (BSE).
The Management Committee has been authorised to decide on terms and conditions and other procedural modalities for the proposed rights issue, it said.
The company's net profit rose to Rs 72.82 crore during the quarter ended March 31 on a standalone basis from Rs 31.79 crore in the same period of last year, the statement said.
Net sales increased to Rs 1,252 crore from Rs 567.4 crore in the review period.
Shares of the company had closed 2.09% lower at Rs 74.90 on Friday's trade.
