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Stock Report
Pierer and Bajaj sign contracts to simplify the shareholding structure
Posted On : 2021-09-29 22:59:20( TIMEZONE : IST )
As announced on 26 July 2021, the Indian Bajaj Group and the Austrian Pierer Group simplify the shareholding structure in the operating KTM AG. Today, Bajaj Auto Ltd. (India) and its subsidiary Bajaj Auto International Holdings B.V. (Netherlands, "BAIHBV") and the Pierer Group signed the corresponding contracts.
Contribution of the shares held by Bajaj in KTM AG to PTW Holding AG
In a first step, BAIHBV has today contributed 46.5% out of its approx. 48% shares currently held in KTM AG to PTW Holding AG (the majority shareholder of PIERER Mobility AG), owned by the Pierer Group. In return, BAIHBV has been granted a 49.9% stake in PTW Holding AG.
EUR 895 mio. capital increase of PIERER Mobility AG
In a second step, the 46.5% KTM shares now held by PTW Holding AG will be contributed to PIERER Mobility AG against the granting of new shares in the context of a capital increase through contributions 0in kind. To this end, the Management Board of PIERER Mobility AG has resolved today to execute a capital increase against contribution in kind in the total amount of EUR 895 mio., corresponding to 49.9% the the existing share capital, by making use of the authorised capital. In this context 11,257,861 shares will be issued at an issue price of EUR 79.50 per share, which is higher than the current stock market price. The capital increase will be carried out exclusively against contribution in kind of KTMshares by PTW Holding AG and under exclusion of subscription rights of the other shareholders. The capital increase will be executed, subject to the approval of the supervisory board, in the second half of October.
Following the execution of this transaction, the shareholding of PIERER Mobility AG in the operating KTM AG will increase from currently around 51.7% to around 98.2%. The Pierer Group will continue to retain sole control over PIERER Mobility AG.
Shares of Bajaj Auto Limited was last trading in BSE at Rs. 3899 as compared to the previous close of Rs. 3908.55. The total number of shares traded during the day was 8330 in over 1287 trades.
The stock hit an intraday high of Rs. 3935.7 and intraday low of 3849.9. The net turnover during the day was Rs. 32370982.
