Bajaj Electricals surges over 4% on acquiring additional stake in Starlite Lighting

Mumbai-based electrical equipment manufacturing company Bajaj Electricals surged on the bourses in the intraday trade on Tuesday on the company acquired additional stakes in Starlite Lightning. Bajaj Electricals rose by 4.6 per cent to Rs 344 on the BSE on Tuesday, July 11.    

Bajaj Electricals advanced Rs 3.8 crore to Starlite Lightning in the form of a short- term loan on a collateral security as pledged by the promoters of Starlite Lightning of 35 lakh or 28 per cent of equity shares of Rs 10 each held in Starlite Lightning under an agreement of pledge of shares dated February 23, 2017, along with a right with the company to purchase the same at a pre-determined consideration of Rs 3.50 lakh.       

The company utilised its right to acquire the shares with the current acquisition, resulting in an increase in the company shareholding in Starlite Lightning from 19 per cent earlier to 47 per cent at present.

The company that recorded a gross revenue of Rs 4,334 crore in FY17 was recently in news for unveiling its plans to introduce new products in the connected devices segment to tap the potential of the ‘internet of things’ based products. The company also introduced a technologically advanced LED lighting products, moving up in the sphere of innovative developments in the industry.     

 Unlike Bajaj Electricals its BSE sectoral index, S&P BSE Consumer Durables was trading low at 16024.22 level, down by 0.25 per cent intraday on Tuesday.