Bajaj Electricals family up stake
The Bajaj family including Rahul Bajaj, Shekhar Bajaj, Madhur Bajaj and Niraj Bajaj, promoters of Bajaj Electricals have upped their stake to 75% in the company by acquiring 12.1 lakh shares or 7% of the equity capital at a price of Rs389 per share.
The objective was to consolidate promoters’ stake in Bajaj Electricals, while keeping the public shareholding at 25%, as prescribed by market regulator Sebi.
As per the disclosure made to BSE, Rahul Bajaj has acquired 6.3 lakh shares, or 3.7%, raising his personal stake to a little above 8%.
Shekhar, Madhur and Niraj have bought 2.1 lakh shares each to hike their holdings to 5.3%, 4% and 4%, respectively.
Though the offer was at Rs389 per share, the acquirers actually paid Rs416.2, including interest component of Rs27.2, at the rate of 10% per year.
The interest was paid for the delay in despatching consideration to the shareholders, whose shares were accepted in the offer, the company said.