Mumbai: Shishir Bajaj and two other family members have exit Bajaj Electricals by selling their 2.05% stake in the company following a family dispute settlement with elder brother Rahul Bajaj.
In a disclosure made to the Bombay Stock Exchange, Bajaj Electricals on Friday said Shishir, along with Minakshi and Kushagra Bajaj, has sold 3.68 lakh shares amounting to a 2.05% stake in the company.
The transaction was through an off-market inter se transfer between promoters without consideration, in terms of the family arrangement-cum-settlement, the filing said.
Following the transaction on 30 December, 2008, the paid-up capital of Bajaj Electricals remains at Rs17.28 crore.
The Bajaj brothers on Thursday announced that they had reached an amicable settlement on 21 December, bringing to an end the six-year dispute over the division of the family’s business empire.
According to the agreement, the Rahul Bajaj-led group, comprising Rahul, Shekhar, Madhur and Niraj, would exit Bajaj Hindusthan and Bajaj Consumer Care, which will be with Shishir Bajaj (SKB).
All other companies in the original Bajaj Group, including Bajaj Auto Ltd, Bajaj Electricals, Mukund Ltd, Bajaj Finserv, Bajaj Holding and Investments Ltd, and Hercules Hoist Ltd, will be with the Rahul Bajaj-led group.
The Bajaj family feud first hit headlines in 2002, with Shishir accusing elder brother Rahul of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies.