Bajaj Hindusthan calls off $52.8 million convertibles offering

By Angela McDaniels

Seattle, Feb. 15 - Bajaj Hindusthan Sugar & Industries Ltd. has cancelled its planned issue of up to $52.8 million foreign-currency convertible bonds and $9 million equity shares, according to a company notice filed with the Bombay Stock Exchange.

The company said it cancelled the issue because some of the terms and conditions could not be finalized until Wednesday, which was the deadline for the allotment.

The convertibles and shares were to be sold to J.P. Morgan Securities (Asia Pacific) Ltd. and its affiliates. Plans for the offering were announced on Dec. 6.

The Mumbai, India-based sugar company said it is discussing alternative arrangements for raising funds.

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