BackBajaj Electricals to merge Hind Lamps’ manufacturing business with itself
Hind Lamps is one of the vendors for Bajaj Electricals, and supplies products under the Bajaj Electricals brand name
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Mumbai: Consumer electrical equipment manufacturer Bajaj Electricals Ltd on Monday said it will acquire the manufacturing business of glass bulb maker Hind Lamps Ltd and merge it with itself.
Hind Lamps is one of the vendors for Sekhar Bajaj-controlled Bajaj Electricals, and supplies products under the Bajaj Electricals brand name. An unlisted company incorporated on 30 April 1951, it is now a sick company.
In a filing to the BSE, Bajaj Electricals said it holds 19% stake in Hind Lamps and the remaining equity shares are held by the promoters and promoter group companies of Bajaj Electricals.
The merger of the manufacturing business of the Hind Lamps with Bajaj Electricals will enable both the companies to achieve and fulfill their objectives more efficiently and economically and the same is also on the interest of all the stakeholders, Bajaj Electricals said in a note to investors on Monday.
According to the merger scheme, every 1,000 shares held in Hind Lamps with a face value of ₹ 25 each, the holders will get ₹ 109 equity shares of Bajaj Electricals with face value of ₹ 2 each.
“Bajaj Electricals’ existing management expertise and quality system and controls will facilitate revival of the manufacturing business of Hind Lamps upon its consolidation with Bajaj Electricals," it said.
Hind Lamps will retain the remaining business which includes all the undertakings, businesses, activities (including trading and support services to other undertakings), employees and operations other than manufacturing business.
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