Maharashtra Scooters declines 3% after Bajaj Holdings acquires stakes

Bajaj Holdings paid Rs222cr to WMDC to acquire 27% stake in Maharashtra Scooters.

Jun 18, 2019 05:06 IST India Infoline News Service

Acquisition Concept
Shares of Maharashtra Scooters were trading 3% down on Tuesday after Bajaj Holdings acquired 27% stake in the company.

This acquisition is pursuant to Supreme Court Order dated 9 January 2019 directing Western Maharashtra Development Corporation (WMDC) to transfer 30,85,712 equity shares of target company to the company after payment of the stipulated sum of Rs232/share along with interest 18% p.a. from the date of Arbitration Award i.e. 14 January 2006, Bajaj Holding said in a press note to the exchanges on Tuesday.

Accordingly, Bajaj Holdings paid Rs222cr to WMDC to acquire 27% stake in Maharashtra Scooters and hiked shareholding to 51%, the company added.

Maharashtra Scooters Ltd is currently trading at Rs4,554, down by Rs122.2 or 2.61%, from its previous close of Rs4,676.20 on the BSE.
The scrip opened at Rs4,720 and has touched a high and low of Rs4,741.95 and Rs4,490.75, respectively. So far 10,801 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs5,344.90cr.

Meanwhile, Bajaj Holdings & Investment Ltd is currently trading at Rs3,595, up by Rs55.3 or 1.56%, from its previous closing of Rs3,539.70 on the BSE.

The scrip opened at Rs3,598 and has touched a high and low of Rs3,643.95 and Rs3,550, respectively. So far 17,353 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs39,393.32cr.

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