Bajaj Electricals is "star lit"

Bajaj Electricals is amongst the top gainers on the BSE currently. The stock rose over 4.5% to Rs.344.85. Its 52-week high stands at Rs.387.85.

The stock is up on news that the company has acquired additional stake in Starlite Lightning.

Bajaj had given the company a loan of Rs.3.8 crore on collateral of 35 lakh shares of Rs.10 each or 28% stake in Starlite, under an agreement of pledge of shares dated 23 February 2007, with a right to the company to purchase the same, at a pre- determined consideration of Rs.3.50 lakh.

Bajaj Electrcials has now exercised its right to acquire these shares and with this acquisition, the shareholding of the company in Starlite Lightning has increased from 19% to 47%.