BUSINESS

Bajaj brothers reach settlement

MUMBAI: Signalling the end of a six-year long dispute, the warring Bajaj brothers have reached an agreement wherein family patriarch Rahul Bajaj has agreed to give control of Bajaj Hindusthan to younger brother Shishir.

In a notice to the National Stock Exchange on Monday, Shishir Bajaj said he would acquire shares in Bajaj Hindusthan that Rahul would buy from family members and group companies — Bachhraj & Co and Jamnalal Sons.

As per the notice to the NSE, Mr. Rahul would acquire over 4.1 crore shares amounting to 29.2 per cent stake in the sugar major by way of inter-se-transfer of shares among the promoters through market transactions. These shares would be acquired at the market price as on December 30, the notice said. The acquired shares, along with 0.21 per cent already held by Mr. Rahul as well as the holdings of six other family members amounting to 29.62 per cent, would then be transferred in favour of Shishir.

“The acquisition price per share is nil, in terms of the family arrangement-cum-settlement and on account of distribution of the estate of late Kamalnayan Bajaj,” the notice added. After the transfer of shares, Shishir will have 32.47 per cent stake in Bajaj Hindusthan. — PTI

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