Promoters sell 22% stake in Bajaj Consumer Care for Rs 700 crore

The Shishir-Kushagra Bajaj family, the promoters of Bajaj Consumer Care, on Tuesday sold their 22 per cent stake in the company for Rs 700 crore to pay off debt and remove the pledge on stake from the banks.

With this transaction, the promoters’ stake will fall to 38 per cent and their pledged stake will come down to zero from 63 per cent.  

The stock has lost close to 36 per cent of its value in the past three months and had lost 47 per cent of its value since January this year. The company’s stock fell by 15 per cent to