Bajaj Electricals has bought the remaining stakes of Starlite Lighting (SLL) for a cash consideration of around Rs 60 crore from its promoters. Besides, the company will also subscribe share worth Rs 45 crore from the promoters. It has also entered into a share subscription agreement for buying 45 lakh equity shares of SLL at a price of Rs 10 apiece. Further, SLL has now become a subsidiary of the company.
Starlite Lighting (SLL) was a joint venture, engaged in the business of manufacturing different consumer electrical products, including lighting products like compact fluorescent lamps (CFLs) and light-emitting diode (LED) and consumer electrical appliances.
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.
