Bajaj Auto has reached an agreement its Austrian partner Pierer Industrie AG for simplifying their shareholding pattern in premium bike maker KTM through a two-step transfer of their stakes to a new holding company. Earlier, PIERER Mobility AG (PMAG) and Bajaj Auto's 100 per cent Netherlands subsidiary, Bajaj Auto International Holdings BV (BAIHBV), held 51.7 per cent and 48 per cent respectively in KTM AG. Pierer Industrie AG holds over 65.29 per cent in PMAG.
Under the agreement, BAIHBV will swap 46.5 per cent out of its 48 per cent stake in KTM AG, for a stake in PlW Holding, a 100 per cent subsidiary of Pierer lndustrie. As a second step, PlW Holding will later contribute its 46.5 per cent stake in KTM AG to PMAG, for fresh shares to be issued by PMAG in lieu. After completion of both steps, Pierer lndustrie and BAIHBV will be stake holders in PlWHolding, with PMAG as its listed subsidiary. Subsequently, PMAG's stake in KTM AG would stand increased to 98.2 per cent. Bajaj Auto’s Board of Directors accorded its in-principle approval to this proposal.
Bajaj Auto is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.
Company Name | CMP |
---|---|
Bajaj Auto | 8776.65 |
Hero MotoCorp | 4259.50 |
TVS Motor | 2425.40 |
Eicher Motors | 4787.55 |
Atul Auto | 571.30 |
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