Pierer Industrie and Bajaj in discussions for Bajaj to participate at KTM Industries level
Pierer Industrie AG holds approximately 62% of the shares of KTM Industries AG (the "Company"). The listed company KTM Industries AG holds approximately 51.7% of the shares of KTM AG; Bajaj Auto International Holdings BV (referred to as Bajaj) holds approximately 48% of the shares of KTM AG.
KTM Industries AG was informed by Pierer Industrie AG and Bajaj that they have started discussions on assessing the possibility of transferring Bajai's 48% stake in KTM AG to KTM Industries AG, with the Pierer-Group continuing to retain the controlling majority over KTM Industries AG.
Pierer Industrie AG and Bajaj will now evaluate the proposals in detail. The transaction decision is targeted to be made in the second quarter of 2019.
If Pierer Industrie AG and Bajaj decide to execute the transaction, KTM Industries AG will examine the legal and economic requirements and conditions of a capital increase by contribution in kind from the existing authorized capital of the Company. The authorized capital enables a capital increase of up to 50% of the existing share capital. If the transaction is executed, the Company's stake in KTM AG would increase from current 51.7% to approximately 99.7%.
Shares of BAJAJ AUTO LTD. was last trading in BSE at Rs.2931.8 as compared to the previous close of Rs. 2980.25. The total number of shares traded during the day was 23203 in over 1360 trades.
The stock hit an intraday high of Rs. 2974 and intraday low of 2924.45. The net turnover during the day was Rs. 68298762.