@imurlovish
Update on our discussion on Bajaj Hindustan Debt Repayment challenges. The company has raised ~650 Cr by participating in buyback of Lalilpur Power and paid the proceeds to OCD Lenders. So, for now it has gained some breathing space.
However, the demand of ~268 cr in monthly installments, each for 13 installments, is a steep ask, lets see how the company is able to pay / negotiate with the lenders.
It was holding 16.92% in Lalitpur Power before buyback, not sure how much is left after buyback, and how much of it is pledged, and how much it can leverage further to reduce debt.
Further, I have tried to unravel the circular / cross holding share pattern of Shishir bajaj Group, to understand if Bajaj Hindustan hold anything apart from Lalitpur power mentioned above. However, I do not see Bajaj Hindusthan having any substantial shareholding in group power companies, apart from Lalitpur Power (16.89% Stake before buyback).
Another interesting thing, that we dont know is the the valuation at which buyback is done by Lalitpur Power. Is it accretive to Bajaj Hindustan or to Bajaj Promoter entities? I think Shishir Bajaj group may not be inclined to save Bajaj Hindustan by giving gurantee of Lalitpur power, as its a cash cow , which they may not place on cards to save BH. I may be wrong though.
Related docs:
Lalitpur Buyback and OCD Repayments
Lalitpur Power Shareholding Pattern (Source - Credit Rating Report)
Bajaj Energy Shareholding pattern (Source - Credit Rating Report)
Bajaj Power Venture Shareholding pattern (Source - DRHP of Bajaj Energy that failed to take off)
