Bajaj Electricals shines on acquiring additional stake in Starlite Lightning

11 Jul 2017

Bajaj Electricals is currently trading at Rs. 340.55, up by 10.80 points or 3.28% from its previous closing of Rs. 329.75 on the BSE.

The scrip opened at Rs. 338.60 and has touched a high and low of Rs. 344.85 and Rs. 338.60 respectively. So far 22271 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 387.85 on 05-Apr-2017 and a 52 week low of Rs. 202.50 on 21-Nov-2016.

Last one week high and low of the scrip stood at Rs. 344.85 and Rs. 320.10 respectively. The current market cap of the company is Rs. 3465.71 crore.

The promoters holding in the company stood at 63.40%, while institutions and non-institutions held 14.35% and 22.25% respectively.

Bajaj Electricals has acquired additional stake of 28 percent in Starlite Lightning. The company had advanced a sum of Rs 3.8 crore to Starlite Lightning as a short-term loan on a collateral security by way of pledge by the promoters of Starlite Lightning of 35 lakh (28 percent) equity shares of Rs 10 each held in Starlite Lightning under an agreement of pledge of shares dated February 23, 2007, with a right to the company to purchase the same, at a pre- determined consideration of Rs 3.50 lakh.

The company has now exercised its right to acquire these shares and with this acquisition, the shareholding of the company in Starlite Lightning has increased from 19 percent to 47 percent.

Bajaj Electricals is an electrical equipments manufacturing company. It is engaged in the manufacturing of domestic appliances such as water heaters, mixers, food processors, microwave ovens, air coolers, steam & dry irons, etc.

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