Signalling the end of a six-year long dispute, Bajaj brothers have reached an agreement wherein Rahul Bajaj has agreed to give control of Bajaj Hindusthan to younger brother Shishir.
Shishir Bajaj would acquire shares in Bajaj Hindusthan that Rahul would buy from family members and group companies - Bachhraj & Co and Jamnalal Sons. Rahul would acquire over 4.1 crore shares amounting to 29.2 per cent stake in the sugar major by way of inter-se-transfer of shares among the promoters through market transactions. These shares would be acquired at the market price as on December 30. The acquired shares, along with 0.21 per cent already held by Rahul as well as the holdings of six other family members amounting to 29.62 per cent, would then be transferred in favour of Shishir. After the transfer of shares, Shishir will have 32.47 per cent stake in Bajaj Hindusthan.