Bajaj Electricals to acquire 19.78% stake in Nirlep at Rs679.05 per equity share aggregating to Rs9.99cr; Stock drops 3%

The company will acquire through its Nominee Shareholders, 147061 equity shares of the face value of Rs100/- each of Nirlep held by four shareholders.

Sep 28, 2021 01:09 IST India Infoline News Service

Bajaj Electricals
Bajaj Electricals Limited informed the exchanges Monday that as per the terms prescribed under the Share Purchase and Shareholders Agreement dated June 15, 2018 (SPSA) executed by and amongst the Company, Nirlep Appliances Private Limited, continuing shareholders, and other shareholders of Nirlep the Option Price at which the company (either by itself or through its Nominee Shareholders) shall acquire Option Shares has been determined/calculated and agreed at Rs679.05 per equity share aggregating to Rs9.99cr.

Earlier this month, the company had intimated about the exercise of ‘put option’ by Mukund Bhogale, Rajani Bhogale, Ramchandra Bhogale, and Nityanand Bhogale (collectively, “Continuing Shareholders”, of Nirlep Appliances Private Limited (“Nirlep”) – a subsidiary of the company), in writing on September 1, 2021, to call upon the company to acquire, or caused to be acquired through its Nominee Shareholders, 147061 (19.78%) equity shares of face value of Rs100/- each of Nirlep as held by these Continuing Shareholders (“Option Shares”), at an Option Price (which was to be determined/calculated).

At around 1.24 pm, Bajaj Electricals Ltd was trading at Rs1,356.15 per piece down by Rs57.85 or 4.09% from its previous closing of Rs1,414 per piece on the BSE.

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