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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.
Sakthi Germany had applied for insolvency in November 2008. After cost-cutting measures, including the introduction of shorter working hours and retrenchment of around 200 workers (out of a total of around 900), it failed to reverse the decline and stabilise business
Indian auto components manufacturer Sakthi Automotive Components Ltd has sold its insolvent German business to US-based MAT Holdings for an undisclosed amount, reports PTI.
MAT Holdings has already set up a German subsidiary which will take charge of the operations of the Indian company's two foundries in Neuenkirchen in Saarland, bordering France and in Ueckermuende in eastern Germany, latest by the beginning of June, German insolvency administrator Udo Groener said.
Sakthi Germany applied for insolvency in November 2008 end after cost-cutting measures, including the introduction of short working hours and retrenchment of around 200 workers of around 900, but it failed to reverse the decline and stabilise business.
The proceedings started on 1 February 2009. On Wednesday, the deal for the takeover of Sakthi Germany's two foundries in Neuenkirchen and in Ueckermuende was approved by the company's creditors, workers' council and the engineering workers' trade union IG Metall, Mr Groener said.
According to media reports, the company was offered bridging financial assistance by the state governments of Saarland and the eastern German state of Mecklenberg Pomerania to overcome its payment difficulties.
The US-based company has given a long-term operational guarantee for the two plants and also promised to keep the present labour force of 437 workers in Neuenkirchen and 257 in Ueckermuende, he said.
Sakthi Automotive group, which belongs to Coimbatore-based Sakthi Sugars Ltd, is an Indian manufacturer of automotive components and specialises in manufacturing high-quality castings for a wide range of applications.
It had acquired the two foundries from the American company Intermet in May 2007 reportedly for $130 million and manufactured a range of auto components including axles, gear units and brakes for cars and trucks. Its customers included Daimler, BMW, Volkswagen, Suzuki and Citroen.
The company employs around 3,500 people at three production locations in India and at three plants in Europe. Besides the two German foundries, Sakhti Automotive has a plant in Arvika, in Sweden.