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Our Bureau

Mumbai , Jan 20

BAJAJ Auto Ltd has informed the BSE that it would purchase 27 per cent holding in Maharashtra Scooters Ltd (MSL) from Western Maharashtra Development Corporation Ltd (WMDC) at Rs 151.63 per share. The acquisition would cost Rs 46.79 crore.

The price at which the shares were to be sold had been referred to a sole arbitrator, Mr Justice Arvind V Savant (Retired).

As per the award of the arbitrator dated January 14, the rate at which 30,85,712 equity shares of the face value of Rs 10 each of MSL held by WMDC are to be valued for the purpose of sale to the company, has been determined at Rs 151.63 per share.

At the end of December 2005, Bajaj Auto's holding in MSL was 24 per cent. With this acquisition, the auto major's stake would rise to 51 per cent.

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