Panel approves Bajaj Hindusthan Sugar's debt recast

The promoters of Bajaj Hindusthan Sugar will cut their stakes to 15.43 per cent from 26.02 per cent by selling a part of their shareholdings to the lenders

An Indian overseeing committee has approved a proposal submitted by a group of lenders, led by State Bank of India, to restructure an Rs 8,285 crore ($1.3 billion) debt of Bajaj Hindusthan Sugar Ltd.
 
According to the plan, the company's debt of Rs 4,789 crore will be considered as "sustainable", while the rest will be treated as "unsustainable", India's top sugar maker said in a statement to stock exchanges on Friday. A loan is considered as sustainable when a company is able to service it from its cash flow.
 
The debt restructuring was done under the Reserve Bank