Bajaj Holdings & Investment Ltd, the holding company of Bajaj Group, has raised stake in Bajaj Electricals by nearly 19 per cent, for Rs 76.88 crore through open market transactions.
Pursuant to the stake buy, Bajaj Holdings now holds 31.65 per cent stake in Bajaj Electricals, up from 12.85 per cent held in the December quarter.
Through the block deal counter of the Bombay Stock Exchange, Bajaj Holdings has bought 3.669 million shares or 18.8 per cent stake in Bajaj Electricals at a price range of Rs 208 to Rs 216 per piece, aggregating to Rs 76.88 crore.
Besides, three other promoters — Anant Bajaj, Shekhar Bajaj and Kiran Bajaj — have purchased a cumulative 3.6 million shares in Bajaj Electricals.
As part of the inter-se transfer of shares between the promoters, five promoters of Bajaj Electricals have sold a total 7.269 million shares between Rs 208 and Rs 216 a piece in the block deal window.
The promoters who sold shares include Rahul Bajaj, Niraj Bajaj, Kumud Bajaj, Madhur Bajaj and Sanjivnayan Bajaj.
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In 2008, the Bajaj brothers had reached an amicable settlement, bringing an end to the six-year dispute over the division of the family's business empire.
According to 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, BHIL and Hercules Hoist, would be with the Rahul Bajaj-led group.