Khaitan and Jones Day advise on Bajaj Hindusthans rights issue

India’s largest sugar company Bajaj Hindusthan has raised Rs. 1,480 crore ($345 million) through rights issue. The company has reported that the money will be utilized for repayment of its debt..Jones Day acted as International counsel to the bankers with a team led by Indian Capital Markets practice head Manoj Bhargava..Khaitan & Co. acted as the domestic counsel to the bankers with a team led by Partner Nikhilesh Panchal..Manoj Bhargava commented: “In light of the volatility currently being seen in the capital markets, globally and regionally, this was an extremely challenging transaction. We are very pleased to have advised on this transaction in these turbulent times.”.In September, the company had announced that it would raise Rs. 1,644 crore through a rights issue under which two fresh equity shares would be given for every one shares held by shareholders at Rs. 36. In a filing to the BSE, the company said that it has allotted 41,10,42,800 equity shares of face value of Re 1 each at a premium of Rs. 35 per equity shares, reports ET.