Bajaj Electricals jumps after buying remaining stake of Starlite Lighting
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Bajaj Electricals is currently trading at Rs. 1172.30, up by 23.95 points or 2.09% from its previous closing of Rs. 1148.35 on the BSE.
The scrip opened at Rs. 1153.00 and has touched a high and low of Rs. 1172.30 and Rs. 1125.70 respectively. So far 1628 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1224.50 on 29-Apr-2021 and a 52 week low of Rs. 332.05 on 04-May-2020.
Last one week high and low of the scrip stood at Rs. 1224.50 and Rs. 1089.55 respectively. The current market cap of the company is Rs. 13358.72 crore.
The promoters holding in the company stood at 63.16%, while Institutions and Non-Institutions held 22.89% and 13.95% respectively.
Bajaj Electricals has bought the remaining stakes of Starlite Lighting (SLL) for a cash consideration of around Rs 60 crore from its promoters. Besides, the company will also subscribe share worth Rs 45 crore from the promoters. It has also entered into a share subscription agreement for buying 45 lakh equity shares of SLL at a price of Rs 10 apiece. Further, SLL has now become a subsidiary of the company.
Starlite Lighting (SLL) was a joint venture, engaged in the business of manufacturing different consumer electrical products, including lighting products like compact fluorescent lamps (CFLs) and light-emitting diode (LED) and consumer electrical appliances.
Bajaj Electricals is an electrical equipments manufacturing company. It is engaged in the manufacturing of domestic appliances such as water heaters, mixers, food processors, microwave ovens, air coolers, steam & dry irons, etc.
