Bajaj Hindusthan GDRs priced at $2.88

Bajaj Hindusthan has successfully raised $100 million through a mix of GDRs and FCCBs.

While $60 million was raised through the issue of 20,833,000 GDRs, the remaining $40 million were collected from the issue of convertible bonds. The issue of bonds and GDRs had no greenshoe option.

According to a release issued by Bajaj Hindusthan to the BSE, each GDR (representing one underlying share) was priced at $2.88 (equivalent to Rs 125 per share) while the zero-coupon convertible bonds have a tenor of five years.

The GDRs and the convertible bonds are to be listed on the Luxembourg Stock Exchange. Citigroup was the sole book-runner & lead manager to the transaction, the release said.

Kushagra Bajaj, CEO of Bajaj Hindusthan, said: "We are extremely pleased with the successful outcome of our capital raising exercise. We believe this capital raising by Bajaj Hindusthan is a clear testimony of the strong faith international investors have shown in our business strategy and growth story. These funds will enable us to augment our capacity and strengthen our existing position as the pre-eminent sugar company in India."