Bajaj Electricals Limited (BSE:500031) intend to acquire an unknown minority stake in Starlite Lighting Limited from Ravindra Bharti and Arvind Bharti approximately INR 150 million on January 2, 2021. Bajaj Electricals Limited (BSE:500031) entered into a control transfer agreement to acquire an unknown minority stake in Starlite Lighting Limited from Ravindra Bharti and Arvind Bharti for on April 30, 2021. The proposed transaction is subject to negotiations between the Parties and customary regulatory, and other applicable, approvals.

As of May 25, 2021, the transaction is subject to the necessary statutory and regulatory approvals including the approvals of National Company Law Tribunal, the shareholders and creditors of each of the companies. For the year ending March 31, 2021, Starlite Lighting Limited had revenues of INR 1.81 billion. As of May 25, 2021, Bajaj Electricals Limited (BSE:500031) Board of Directors of Bajaj Electricals Limited (BSE:500031) approved the deal.

As of March 31, 2021, Starlite Lighting Limited had net worth of INR (3.13) billion. Navigant Corporate Advisors Limited acted as fairness opinion provider to Bajaj Electricals.