New Delhi: In Tuesday’s trade, shares of Bajaj Electricals climbed 5 per cent following the corporation conveyed that it has exercised its right to attain shares of Starlite Lighting (SLL).
After the expansion, the stock gained 4.57 per cent to hit a high of Rs 338.60 on BSE. In April stock hit a 52-week high of Rs 387.85.
The corporation had surged a sum of Rs 3.80 crore to SLL as a short term loan, inter-alia on the collateral security by way of 38 lakh equity shares vowed by the SLL’s promoters. This reported for 28 per cent equity promoters held in SLL on February 23, 2007.
The corporation has the right to acquire the similar stake, at its sole prudence, at a pre-determined consideration of Rs 3.50 lakh. Starlite Lighting accounted a turnover of Rs 120 crore in Financial Year 2017.