Bajaj Electricals enhances shareholding in Starlite Lighting by acquiring ~5.50cr equity shares

With the aforesaid acquisition of the Subscription Shares, the total equity shareholding of the company in SLL has increased from 47% to 88.48%.

May 12, 2021 11:05 IST India Infoline News Service

Bajaj Electricals
Bajaj Electricals Limited on Tuesday acquired ~5.50cr equity shares of Starlite Lighting Limited (SLL) at a price of Rs10 per equity share on private placement/preferential allotment basis. 

The acquisition was a part of the Share Subscription Agreement dated April 30, 2021, executed by and amongst the Company, SLL, Shri Ravindra Bharati, and Shri Arvind Bharati.

Further, 10 Equity Shares of SLL were acquired by the company’s ten identified purchasers at the same Price and through the same Mode.

With the aforesaid acquisition of the Subscription Shares, the total equity shareholding of the company in SLL has increased from 47% to 88.48%, whereas, Bajaj Group holding in SLL (i.e. aggregate holdings of the Company along with its promoter group entity – ‘Jamnalal Sons Private Limited’) has increased from 60% to 91.30%.

Meanwhile ICRA Limited has, as a periodic monitoring and on the basis of best available information, retained the ratings given to the Company’s non-convertible debentures (NCDs) and bank facilities (line of credit), post due consideration of relinquishment and transfer of joint control and management rights of SLL, a joint venture of the Company, by the Outgoing Promoters of SLL (i.e. Shri Ravindra Bharati and Shri Arvind Bharati) in favour of the Company.

The company has retained the rating at ICRA A for Rs4742.50cr bank facilities borrowing programme of your company. The Outlook on the long-term rating is Stable. The Rating Committee of ICRA, after due consideration has also retained the short-term rating at ICRA A1.

ICRA has retained the rating at ICRA A for Rs200.00cr NCD programme borrowing programme of your company. The Outlook on the long-term rating is Stable.

At around 11.17 am, Bajaj Electricals Ltd was trading at Rs1147.40 per piece down Rs28.85 or 2.45% from its previous closing of Rs1,176.25 per piece on the BSE.

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