Bajaj Auto to Acquire Pierer Bajaj AG Shares

New Delhi, Nov 6 (PTI) Bajaj Auto on Thursday said it has made a request through its wholly-owned subsidiary to acquire 24,000 shares of Pierer Bajaj AG for 24.32 million Euro (around Rs 248 crore).

Bajaj Auto International Holdings BV (BAIH) intends to acquire all 50,100 shares held by Pierer Industrie AG (PIAG) in Pierer Bajaj AG (PBAG).

PBAG holds a nearly 75 per cent stake in its subsidiary, Pierer Mobility AG (PMAG), the holding company of KTM AG.

"We hereby inform that BAIH has issued a subsequent Notice of Call Exercise to PIAG in respect of 24,000 shares of PBAG for cash consideration of Euro 24.31 million, subject to obtaining requisite regulatory approvals," Bajaj Auto said in a regulatory filing.

Currently, BAIH holds a 49.9 per cent stake in PBAG and the remaining stake is held by PIAG, it added.

Thereby, on consummation post receipt of requisite regulatory approvals, of 0.1 per cent acquisition under a separate SPA BAIH shall hold 100 per cent of the total shareholding of PBAG, it stated.

"Accordingly, PBAG shall become the wholly owned subsidiary of BAIH and in turn a step-down subsidiary of Bajaj Auto," it added.

In May this year, Bajaj said it plans to acquire the management control of PBAG and thereby of PMAG and KTM, through its wholly-owned subsidiary--BAIH BV.