In a step towards settlement of a six-year-long family dispute, Bajaj Group Chairman Rahul Bajaj has purchased over four crore shares representing 29 per cent stake in sugar major Bajaj Hindusthan for Rs 265.67 crore through open market transactions.
Rahul has bought 3,98,89,840 shares at an average traded price of Rs 64.34 in Bajaj Hindusthan, aggregating to 256.66 crore, as per the data available on the block deal counter of the Bombay Stock Exchange.
Besides, in a bulk deal on BSE, Rahul Bajaj has further acquired 14,00,540 shares in Bajaj Hindusthan at a price of Rs 64.34 each, aggregating over Rs 9.01 crore.
As per data available at the BSE, Rahul Bajaj has bought 3.46 crore shares from Bachhraj & Co and 51.93 lakh shares from Jamnalal Sons in two block deals.
Post acquisition, Rahul has acquired over 4.1 crore shares representing 29.2 per cent stake in the sugar major by way of inter-se-transfer of shares among the promoters through market transactions.
Last week, in a notice to the stock exchanges, Bajaj Hindusthan had said Rahul Bajaj would buy 29 per cent stake in the company and would transfer the acquired shares, along with 0.21 per cent already held by Rahul as well as the holdings of six other family members amounting to 29.62 per cent, to his brother Shishir.
Post transfer of shares, Shishir would have 32.47 per cent stake in Bajaj Hindusthan.
Shares of Bajaj Hindusthan were trading at Rs 72.40, up 9.53 per cent in the afternoon trade on the BSE.