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Bajaj Hindusthan Sugar proposes to divest its entire 17.51% stake in Lalitpur Power Generation Company Ltd (LPGCL), estimated to be worth Rs.1,100 crore.
The company has called an extra ordinary general meeting on August 4 for seeking shareholder’s approval for the sale of its share in LPGCL to Bajaj Energy Ltd, both being the group firm. In a notice to shareholders, the company stated that, its investment in LPGCL has been identified as non-core to the sugar and allied business activities.
Therefore, as per the restructuring schemes, it needs to bring back the funds invested in LPGCL, which shall be used in accordance with the directions of the lenders.
