Bajaj Holdings pares stake in Force Motors; promoters increase

Written by PTI | New Delhi | Updated: Aug 1 2014, 21:01pm hrs
Force MotorsJaya Hind Investments, promoters of Force Motors, acquired 4,20,000 equity shares of the company. (Car Dekho)
Bajaj Holdings & Investment has reduced its stake in Force Motors by 5.28 per cent while at the same time the commercial vehicle firm's promoters have hiked their stake by 3.19 per cent shares.

Both the transactions occurred through the open market route.

In a BSE filing, Bajaj Holdings said it has sold 6,96,001 shares (5.28 per cent) in Force Motors in the open market between July 23 and July 31, 2014.

Post sale, Bajaj Holdings' stake in the company stands at 4.04 per cent from 9.32 per cent earlier.

On the other hand, Jaya Hind Investments Pvt Ltd, promoters of Force Motors, acquired 4,20,000 equity shares of the company from the market on July 31, 2014.

"With this acquisition, the number of shares held by the promoter group stands increased from 74,49,411 equity shares to 78,69,411 equity shares, i.e. from 56.54 per cent to 59.72 per cent of the total paid-up share capital of the company," the filing said.

Based on closing price on the date of transactions, acquisition of 3.19 per cent shares by promoters were valued at approximately Rs 24.07 crore and sale of 5.28 per cent shares at approximately Rs 39.59 crore.