As Bajajs end pact, Shishir ups BHL stake

The battle in the Bajaj group over division of assets has taken another turn with Shishir Bajaj, chairman and managing director of Bajaj Hindusthan, consolidating his position in the company by picking up an additional 4.75 per cent stake for an estimated Rs 123.48 crore.

The move has come at a time when the warring Bajaj brothers, Rahul and Shishir, have decided to terminate a family settlement agreement after prolonged peace talks for which they had also sought additional time from the Company Law Board.

Bajaj, along with persons acting in concert, purchased 67.25 lakh shares amounting to 4.75 per cent in the company from the open market between September 19 and 26, the company said in a statement. BHL shares fell by around 10 per cent to Rs 170.35 on the BSE on Thursday. Between September 19 and 26, the company’s share price closed in the range of Rs 177.30 to Rs 189.95.