Mumbai: Shishir Bajaj, chairman and managing director of largest sugar manufacturer Bajaj Hindusthan, has consolidated his position in the company by picking up an additional 4.75% stake for an estimated Rs123.48 crore.
Bajaj, along with persons acting in concert, purchased 67.25 lakh shares amounting to 4.75% in the company from open market between September 19 to 26, the company said in a filing to the Bombay Stock Exchange.
Between September 19 to 26, the company’s share price closed in the range of Rs177.30 to Rs189.95. Calculated on the basis of the average price during the period, the deal amounts to approximately Rs123.48 crore.
With the acquisition of the additional stake, Shishir Bajaj now holds over 6.45 crore shares aggregating to 45.65% stake in the company.
For the quarter ended 30 June, Shishir Bajaj on his own had 4,77,780 shares amounting to 0.34% stake in the company.
Shares of the company were trading at Rs173.20, down 8.82% on BSE in the afternoon trade.