Meanwhile, the BSE Sensex was up 30.68 points, or 0.18%, to 17,198.64.
On BSE, 22,303 shares were traded in the counter as against an average daily volume of 98,232 shares in the past one quarter.
The stock hit a high of Rs 602.80 and a low of Rs 595.20 so far during the day. The stock had hit a 52-week high of Rs 700 on 4 January 2010 and a 52-week low of Rs 212.10 on 12 March 2009.
The stock had underperformed the market over the past one month till 11 March 2010, rising 4.54% compared with the Sensex's 6.29% rise. It outperformed the market in past one quarter, gaining 5.89% as against 0.29% decline in the Sensex.
The mid-cap investment and holding company of the Bajaj Group has an equity capital of Rs 101.18 crore. Face value per share is Rs 10.
The current price of Rs 602 discounts the company's Q3 December 2009 annualised EPS of Rs 45.42, by a PE multiple of 13.25.
According to the report, members of the Bajaj family are selling a part of their personal stakes in group companies to generate cash to pay for the preferential warrant issue of Bajaj Holdings and Investment.
The eventual objective is raise the promoters' stake in Bajaj Holdings to around 50% from 31.36% now. The initial plan is to raise the holding by 5% this year and by a like amount in 2011 through the preferential warrant issue.
Bajaj Holdings and Investment is raising around Rs 454 crore by selling 1.01 crore preferential warrants convertible at Rs 449.58 a share. The two-stage preferential offer will be reportedly completed by January 2011.
The Bajaj group has four main firms - Bajaj Auto that makes motorcycles and three-wheelers; Bajaj Finserv that controls its financial services business; Bajaj Electricals, a consumer durables firm; and special steel maker Mukand.
Except for Bajaj Holdings, the family holds close to 50% in all other group companies with the maximum stake in Bajaj Electricals at around 66%.
Bajaj Holdings & Investment's net profit surged 1332.7% to Rs 114.90 crore on a 881.7% rise in operating income to Rs 131.25 crore in Q3 December 2009 over Q3 December 2008.
Bajaj Holdings and Investments is an investment and holding company with investments in Bajaj Auto, other companies.
Promoters have pledged 7.69 lakh shares, or 0.76% of the equity capital of the company. The total promoter shareholding in the company is 31.36% (end December 2009).