Bajaj to buy WMDC's stake in MSL

Published on Jan 20, 2006 02:40 PM IST

Bajaj Auto to acquire 27 per cent stake of its co-promoter Western Maharashtra Development Corporation (WMDC) for Rs 46.78 crore.

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None | ByPress Trust of India, New Delhi

After more than three years of protracted arbitration for a majority holding in Maharashtra Scooters Ltd, Bajaj Auto Ltd on Friday said that it would acquire 27 per cent stake of its co-promoter Western Maharashtra Development Corporation (WMDC) for Rs 46.78 crore.

The company informed stock exchanges on Friday that it would pay Rs 151.63 per share for 30,85,712 equity shares of face value Rs 10 each.

Bajaj Auto said the arbitration proceedings for the price at which the shares were to be sold have now concluded. The arbitrations started in 2003 by the sole arbitrator Justice Arvind V Sawant.

The purchase will take Bajaj Auto's total holding in MSL to 51 per cent.

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