M&A

M&A

Bajaj family set to buy out JV partners from steel venture Mukand for Rs.353-Cr

Economic Times  

The Bajaj family is to buy out its partners, Shah brothers Suketu and Rajesh, from the 84-year old steel venture Mukand Ltd, ending months of negotiations. The Shah family will be cashing out of the business, transferring its residual 16.5% stake to its partners, via block deals in the stock market, as part of a major restructuring exercise that has been ongoing for months to revive the operations. At current market prices, the Bajaj family would have to shell out INR 353 crore for the transaction. There will be no tender offer for the acquisition of shares since it is a transfer between promoters. The transaction is expected to take place as early as Monday.