Bajaj Electricals arm Bajel hits lower circuit; Enam AMC sells stake

Enam AMC sold 7,21,714 shares of Bajel Projects at a price of Rs 126.32 per share.

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Shares of Bajel Projects fell nearly 5 percent during early trade on January 2, a day after Enam AMC sold stake in the company. At mid day, the stock was locked in the lower circuit at Rs 125.25.

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According to bulk deal data, Enam AMC sold 7,21,714 shares of Bajel Projects at a price of Rs 126.32 per share (0.63%). Bajel Projects, a demerged entity of Bajaj Electricals, was listed on both exchanges on December 19.

In early 2022, Bajaj Electricals had announced the plan to demerge Bajel Projects, its power transmission and distribution (T&D) business, into a separate company. This move was made as a plan to “streamline management”.  The company has said that it “will issue and allot 1 fully paid-up equity share of the company having face value of Rs 2 each for every 1 fully paid-up equity share of Rs 2 each of Bajaj Electricals to the shareholders whose names are recorded in the register of members and/or records of the depository as on the record date.”

Also read: MF industry added these stocks afresh in September. Do you own any?

In October 2023, Bajaj Electricals had announced that Bajel Projects had received orders worth Rs 347.29 crore from Power Grid for a project in Badla, Rajasthan.

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