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BHSIL to stop trading from Dec 30

This article was posted on Dec 27, 2010 and is filed under Stock News

Shares of Bajaj Hindusthan Sugar & Industries (BHSIL) will stop trading on the bourse from December 30 as the company will be merged with another group firm Bajaj Hindusthan.

“Trading in the equity shares of BHSIL shall be suspended with effect from December 30, 2010, on account of merger of the company with Bajaj Hindusthan Ltd (BHL),” the Bombay Stock Exchange said in a statement.As per the scheme of merger, shareholders of Bajaj Hindusthan Sugar will be given one share of BHL for every five shares held in the company. BHL holds 75 per cent stake in BHSIL.

The company has fixed December 31 as the record date for the merger.

In June, the board of directors of the two companies have approved the merger.

Upon merger, the combined capacities of BHL and BHSIL will strengthen BHL’s position in India’s sugar sector and will enable the company to enhance the overall shareholder value.

The merger will result in rationalisation of operations, better profitability, enhanced production capacity and a stronger competitive position.

At present, BHL is India’s largest sugar producer with a total crushing capacity of 96,000 tonnes per day at its 10 plants in Uttar Pradesh. BHSIL has four sugar plants in Uttar Pradesh with a total crushing capacity of 40,000 tonnes per day.

Shares of BHSIL today closed at Rs 23.70 on the BSE, with a rise of 0.85 per cent from the previous close.

source: Business-Standard

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