Bajaj Hindusthan Sugar rises on acquiring 98.01% stake in Phenil Sugars
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Bajaj Hindusthan Sugar is currently trading at Rs. 12.69, up by 0.03 points or 0.24% from its previous closing of Rs. 12.66 on the BSE.
The scrip opened at Rs. 12.92 and has touched a high and low of Rs. 13.19 and Rs. 12.63 respectively. So far 619510 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 22.58 on 22-Apr-2022 and a 52 week low of Rs. 8.37 on 17-Aug-2022.
Last one week high and low of the scrip stood at Rs. 13.19 and Rs. 12.45 respectively. The current market cap of the company is Rs. 1617.14 crore.
The promoters holding in the company stood at 24.95%, while Institutions and Non-Institutions held 16.87% and 58.17% respectively.
Bajaj Hindusthan Sugar (BHSL) has acquired 98.01% shareholding (post conversion) of Phenil Sugars (PSL) by way of conversion of existing preference shares into equity shares. There is a substantial appreciation in value of assets (mainly land) of PSL’s both plants at Basti and Govindnagar. Accordingly, it is recommended to take control over PSL to realise the investments made by BHSL in PSL. After taking control of PSL, BHSL may take necessary steps to realize amount by selling the assets of PSL in appropriate manner and/or putting the assets to appropriate usage.
Bajaj Hindusthan Sugar, a part of the 'Bajaj Group', is India's Number One sugar and ethanol manufacturing company, headquartered at Mumbai (Maharashtra), India.
