Bajaj Holdings hikes stake in Bajaj Electricals to 31.65 per cent

MUMBAI: The holding company of the Bajaj Group has hiked its stake in group entity Bajaj Electricals by nearly 19 per cent for Rs 77 crore, taking its total stake to 31.65 per cent.

Bajaj Holdings & Investment, the holding entity of the Bajaj group companies, which held 12.85 per cent in Bajaj Electricals as of end-December, has bought 36.69 lakh shares or 18.80 per cent stake in the company for Rs 76.88 crore through open market transactions, according to the block deal data available with the Bombay Stock Exchange.

Based on this transaction, Bajaj Electricals is valued at over Rs 400 crore. The shares of Bajaj Electricals on Friday closed at Rs 213.70, up 0.56 per cent on the BSE.

Three other promoters of Bajaj Electricals, namely Anant Bajaj, Shekhar Bajaj and Kiran Bajaj, have also purchased 36 lakh shares in the company worth nearly 19 per cent.

As part of the inter-se transfer of shares between the promoters, the five promoters of Bajaj Electricals have sold a total 72.69 lakh shares at a price between Rs 208 and Rs 216 a piece through the block deal window.

The promoters, who sold shares include Rahul Bajaj, Niraj Bajaj, Kumud Bajaj, Madhur Bajaj and Sanjivnayan Bajaj.

In 2008, the Bajaj brothers had reached an amicable settlement, bringing an end to the six-year dispute over the division of the family business empire.

Under the agreement, the Rahul Bajaj-led group comprising Rahul, Shekhar, Madhur and Niraj, would exit Bajaj Hindusthan and Bajaj Consumer Care, which would be with Shishir Bajaj.

All other firms in the original Bajaj Group, including Bajaj Auto, Bajaj Electricals, Mukund, Bajaj Finserv, Hercules Hoist and Bajaj Holdings & Investment would be with the Rahul Bajaj-led group.

The Bajaj family feud first hit headlines in 2002, with Shishir accusing elder brother Rahul of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies.