Bajaj Hindusthan sweetens investors

Sugar producer completes concurrent CB and GDR.

Indian sugar producer Bajaj Hindusthan raised $255.6 million at the end of last week from a combined sale of convertible bonds and GDRs to pay for a recently announced expansion plan.

The well-received offer, which will use up 29.86 million of the company pre-approved issuance limit of 29.9 million shares if the GDR greenshoe is exercised in full, was arranged by Citigroup.

The deal comprised 16.7 million GDRs - each equal to one new common share - which were priced on Friday at $8.12 per unit, which translates into Rp358 for the company's shares listed on the National Stock Exchange of India. The units had...

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