Bajaj Electricals has acquired additional stake of 28 percent in Starlite Lightning. The company had advanced a sum of Rs 3.8 crore to Starlite Lightning as a short-term loan on a collateral security by way of pledge by the promoters of Starlite Lightning of 35 lakh (28 percent) equity shares of Rs 10 each held in Starlite Lightning under an agreement of pledge of shares dated February 23, 2007, with a right to the company to purchase the same, at a pre- determined consideration of Rs 3.50 lakh.
The company has now exercised its right to acquire these shares and with this acquisition, the shareholding of the company in Starlite Lightning has increased from 19 percent to 47 percent.
Bajaj Electricals is an electrical equipments manufacturing company. It is engaged in the manufacturing of domestic appliances such as water heaters, mixers, food processors, microwave ovens, air coolers, steam & dry irons, etc.