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Bajaj Hindusthan Sugar seeks shareholders nod to pledge shares of group's power company

The board, in its meeting held on Friday, considered seeking necessary approval of shareholders by way of postal ballot.

PTI|
Last Updated: May 29, 2020, 06.38 PM IST
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Bajaj Hindusthan Sugar holds 14.53 per cent in the LPGCL.
New Delhi: Bajaj Hindusthan Sugar Ltd on Friday said it will seek shareholders' approval to extend pledge over its shares held in Lalitpur Power Generation Company Ltd (LPGCL), which proposes to secure Rs 270 crore working capital loan.

The board, in its meeting held on Friday, considered seeking necessary approval of shareholders by way of postal ballot, a regulatory filing said.

The shareholders' approval has been sought for providing security by extending pledge over 1,32,57,025 equity shares of LPGCL to secure working capital loans for an ad-hoc limit of Rs 269.70 crore to be availed by LPGCL.

Bajaj Hindusthan Sugar holds 14.53 per cent in the LPGCL.

The company has sugar plants across Uttar Pradesh.
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