India’s Bajaj Electricals delays Rs. 2.5 billion debenture issuance

By Marisa Wong

Morgantown, W.Va., Feb. 4 – Bajaj Electricals Ltd. said it has decided to withdraw its planned issuance of Rs. 2.5 billion redeemable listed non-convertible debentures.

The company’s board of directors had approved the proposed private placement at a meeting held on Jan. 2.

However, ICRA Ltd. has since assigned a provisional A+ rating with a negative outlook to the proposed debentures.

As a result, the company wants new board approval for the issuance. The board will meet on Thursday to reconsider and approve the debentures.

The electrical equipment manufacturing company is based in Mumbai, India.

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