Bajaj Holdings hikes stake in Bajaj Electricals

Mumbai, March 19, 2010 (PTI) - Bajaj Holdings & Investment Ltd, the holding company of Bajaj Group, has hiked 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 December quarter.

Through the block deal counter of the BSE, Bajaj Holdings has bought 36.69 lakh shares or 18.80 per cent stake in Bajaj Electricals at a price in the 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 36 lakh 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 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, 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, 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 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.