Bajajs make open offer for BEL pie at Rs 389

To consolidate promoters' holdings, the Bajaj Brothers "" Rahul, Shekhar, Madhur and Niraj "" have made an voluntary open offer to acquire 12.10 lakh shares of Bajaj Electricals (BEL) at Rs 389 per share against the closing price of Rs 428.

The offer to acquire 12.10 lakh share (7.7 per cent of voting rights) is in compliance with the Securities and Exchange Board of India's takeover regulations, Yes Bank, manager to the offer, told the BSE .

The promoters will ensure that the public shareholding in the target company does not fall below the 25 per cent level permitted by under listing agreement. The voluntary offer is not triggered by the purpose of the acquisition of shares in the target company, the promoters said.

The offer will open on January 24 , 2004 and remain open till February 12, 2008.

The Bajaj Electricals stock closed lower at Rs 428 against previous close of Rs 440.