Shishir Bajaj, chairman and managing director of Bajaj Hindusthan, has increased his stake in the company to 32.31 per cent following a family dispute settlement with elder brother Rahul Bajaj.
In a notification to the Bombay Stock Exchange, the company said Shishir Bajaj has acquired 4,16,96,440 shares, or 29.49 per cent stake in the company, through off-market deals.
The acquisition price per share is nil, as per the terms of the family settlement and on account of distribution of the estate of Late Kamalnayan Bajaj, the firm had earlier said.
Post-acquisition, Shishir Bajaj now owns 4,56,84,000 shares, representing 32.31 per cent in Bajaj Hindusthan.
On Monday, Rahul Bajaj had purchased 4.1 crore shares, held by six family members, Bachhraj & Co and Jamnalal Sons, representing 29.2 per cent stake in the sugar major for Rs 265.67 crore through open market transactions.
The Bajaj Group comprising brothers Rahul, Shekhar, Madhur and Niraj, said they had reached a pact with the Shishir Bajaj group on December 21 following which Bajaj Hindusthan and Bajaj Consumer Care will with be with the latter.
The Bajaj Group shareholding in Bajaj Hindusthan and Bajaj Consumer Care is now with the Shishir Bajaj group. The promoter shareholdings of all other companies in the Bajaj Group, including that held by the Shishir Bajaj group, is now with the four brothers of the Bajaj Group.
This includes companies such as Bajaj Auto, Bajaj Electricals, Mukund, Bajaj Finservices, Bajaj Holding and Investments, Hercules Hoist.
