Bajaj Electricals has bought shares in Starlite Lighting for INR 60 Crore. For joint control and management rights, a cash consideration of INR 15Crore will be paid to outgoing promoters, Arvind Bharati and Ravindra Bharati.
In addition, the company will also subscribe to INR45 Crore of shares from the promoters. It has also ventured into a subscription agreement for buying INR 45 lakh equity shares at the price of INR 10 per share of SLL. Further, SLL will become a subsidiary of Bajaj Electric.The board of the company is also looking to evaluate the potential merger of Bajaj Electric and SLL. It comprises of the same board members who gave approval to the acquisition deal.
Starlite Lighting Ltd started off as a joint venture, making a mark in the business of manufacturing consumer-friendly electrical and lighting products, like Light Emitting Diodes (LED), and Compact fluorescent lamps (CFLs), and electrical appliances. SLL entered into a Joint Venture with Bajaj in 2007. In Fy 2019-20, it has registered a turnover of INR 172.90.