Bajaj Auto chairman Rahul Bajaj on Monday said his company has increased its holding in sugarmaker Bajaj Hindustan to 11.9 per cent from 10 per cent, as part of what he called "treasury operations".
The acquisition of 1.9 per cent stake, which comes amid allegations by Bajaj Hindustan CEO Kushagra Bajaj that it was a move to oust his father Shishir Bajaj from the Board, "was done in the normal course of business," Rahul told reporters on the sidelines of a CII conference in Mumbai.
The stake was acquired at an average price of Rs 155 a share. "Bajaj Auto has Rs 8,500 crore (Rs 85 billion) of cash and we keep buying and selling shares in the normal course of business," Rahul said, adding that he was ready to fulfill the 2003 agreement on splitting holdings with his brother Shishir "even today or tomorrow" at the price agreed at the time of the division.
Bajaj Auto and the families of the automaker's founders jointly hold controlling stake in the sugar company, and the holding has since been split between Rahul's family and that of his younger brother Shishir.
Bajaj Hindustan shares were trading up Rs 5.75 at Rs 175.85, while that of Bajaj Auto up by Rs 10.70 at Rs 2500 on the Bombay Stock Exchange.
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