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ShareMumbai: Bajaj Hindusthan hasn't given up on Balrampur Chini yet, going by a source in the banking industry.
Bajaj Hindusthan is trying to quickly raise Rs 1,500-2,000 crore to finance the buyout, the source said. The company is in talks with State Bank of India and ICICI Bank for a Rs 1,500-2,000 crore loan.
"Loan talks are in final stages and may be completed in a couple of days," said the source.
The company is also likely to raise around Rs 200 crorethrough a non-convertible debentures (NCD) issue, offering 5% interest rate for 89 days.
The source said Kushagra Bajaj, Bajaj Hindusthan's helmsman, is looking to offer Rs 160 per share for 36.67% promoters' stake in Balrampur Chini, instead of Rs 180 per share reported earlier.
Bajaj Hindusthan, however, refused to confirm or deny this. "We don't comment on speculation," a spokesperson said. Kishor Shah, CFO, Balrampur Chini, too, refused to comment.
Last week, following media reports, Balrampur Chini promoters had denied entering into an agreement with anyone for a stake sale but agreed the sugar company did discuss future business strategies with Bajaj Hindusthan.
"The deal was called off earlier as Balrampur promoters wanted to exit the company in one go and wanted a bullet deal (a straight one-time payment deal for all their stake) whereas Bajaj wanted to buy 26% from them and 20% through the open offer that they'd be forced to make," the source said.
