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As part of the inter-se transfer of shares between the promoters, five promoters of Bajaj Electricals have sold a total of 72.69 lakh shares at a price between Rs208 and Rs216 per share through a block deal window
Bajaj Holdings & Investment Ltd, the holding company of Bajaj Group, has hiked stake in Bajaj Electricals by nearly 19% for Rs76.88 crore through open market transactions, reports PTI.
Pursuant to the stake buy, Bajaj Holdings now holds 31.65% stake in Bajaj Electricals, up from 12.85% held in the December quarter.
Through the block deal counter of the Bombay Stock Exchange (BSE), Bajaj Holdings has bought 36.69 lakh shares or 18.8% stake in Bajaj Electricals at a price in the range of Rs208 to Rs216 per share, aggregating to Rs76.88 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 Rs208 and Rs216 a share through the block deal window.
The promoters who sold shares include Rahul Bajaj, Niraj Bajaj, Kumud Bajaj, Madhur Bajaj and Sanjivnayan Bajaj.
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, 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.
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.