Moneycontrol PRO
Upcoming Webinar:Join us for 'The Future Techshot' on Sept 22, 10:30am to gain insights into role of tech in streamlining businesses. Register Now!

Bajaj Auto, KTM promoter finalise share swap deal

Bajaj will contribute BAIHBV’s 46.5 percent stake in KTM AG to Pierer Mobility AG.

July 26, 2021 / 10:54 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Pierer Mobility AG (PMAG), the promoter and listed entity of the KTM group, was informed by Pierer Industrie AG and PTW Holding AG that an agreement in principle had been reached with Bajaj Auto and its wholly owned subsidiary Bajaj Auto International Holdings BV (BAIHBV).

Bajaj will contribute BAIHBV’s 46.5 percent stake in KTM AG to Pierer Mobility AG.

Pierer and Bajaj will initiate competition and takeover law consultations with the relevant authorities as well as the necessary valuations; PMAG, for its part, will go ahead with preparations under capital market law.

Depending on the outcome of the valuation process, the opinion of the Austrian Takeover Commission and the transaction negotiations as well as the clearance by the competition authorities, PMAG will carry out a capital increase through contribution in kind from the existing authorised capital of the company under exclusion of subscription rights by up to 50 percent of the existing share capital.

After completion of the transaction, the shareholding of PMAG in the operating KTM AG will increase from the current 51.7 percent to about 98.2 pecent. The Pierer Group will continue to maintain sole control over PMAG.
Moneycontrol News
first published: Jul 26, 2021 10:54 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark