Bajaj Electricals acquires 79.85% in Nirlep

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Biznextindia : Bajaj Electricals has announced that on September 1, 2018, as first tranche, the Company had completed transactions towards acquisition of 79.85% equity share capital of Nirlep, for a cash consideration of Rs.30.70 crore, whereas, 0.36% equity share capital of Nirlep was acquired by the Nominee Shareholders of the Company.

The Company said, it has a ‘call option’ to purchase further 19.78% equity shares in Nirlep or part thereof from the Continuing Shareholders, at an option price which shall then be determined/calculated as per terms prescribed under SPSA (Option Price).

The Continuing Shareholders have a ‘put option’ to call upon the Company to acquire their aforesaid 19.78% equity shares in Nirlep or part thereof at any time on or after the third anniversary of the Closing Date (as defined under SPSA) and upto 60 (sixty) business days from such date at an Option Price.

Incorporated on July 16, 1979, Nirlep is engaged in the business of manufacture of non-stick cookware products, kitchen hobs, pressure cookers and any other products in the kitchen-ware segment. Nirlep has its manufacturing unit located at Aurangabad, Maharashtra.

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