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Balrampur Chini Mills denies stake sale to Bajaj Hindusthan

Posted on: Thu, 05 Nov 2009 13:28:00 EST

Symbols: BJJHF, BMPRF

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Nov 05, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
BMPRF | Quote | Chart | News | PowerRating -- Balrampur Chini Mills, Ltd., an integrated sugar manufacturing company, has denied the media reports regarding sale of the stake in the company to Bajaj Hindusthan, Ltd., a sugar and ethanol manufacturing company. Both the companies are based in India.

Rumor (October 31, 2009):

According to The Economic Times, Bajaj Hindusthan is planning to acquire a 56.5% stake in Balrampur Chini Mills. The transaction is valued at approximately INR24,000 million ($510.38 million).

Reportedly, Bajaj Hindusthan is in talks to acquire a 36.5% stake from Saraogi family and another 20% from the minority shareholders in Balrampur.

Lodha & Co. is acting as financial advisor to Saraogi family.

Deal Value (US$ Million) 510.38
Deal Type                Acquisition
Sub-Category             Majority Acquisition
Deal Status              Dead Rumour: 2009-11-03

Deal Participants

Target (Company)   Balrampur Chini Mills, Ltd.
Acquirer (Company) Bajaj Hindusthan, Ltd.
Vendor 1 (Company) Saraogi Family
Vendor 2 (Company) Undisclosed Investors

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