Starlite Lighting Limited announced that it expects to receive INR 450 million in funding from Bajaj Electricals Limited
April 29, 2021
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Starlite Lighting Limited announced that it has entered into an agreement to issue 45,000,000 shares at a price of INR 10 per share for gross proceeds of 450,000,000 on April 30, 2021. The transaction will include participation from Bajaj Electricals Limited and/or by its identified purchaser(s). The shares are being issued on a private placement/preferential allotment basis, subject to the approval of the board of directors and shareholders of the company. Post to the transaction, the stake held by Bajaj Electricals Limited will increase from 47% to 88.48%. The transaction has been approved by board of directors of Bajaj Electricals Limited.
Bajaj Electricals Limited is engaged in the marketing of various consumer household and industrial goods. The Company operates through two segments: Consumer Products and Lighting Solutions. The Consumer Products segment is engaged in the manufacturing and trading of consumer durables products which includes fans, domestic appliances, kitchen appliances, and non-electrical kitchen aids. The Lighting Solutions segment is engaged in the manufacturing and trading of lighting products which includes light-emitting diode (LED) products, such as lamps, bulbs, battens and ceiling lights in consumer lighting and poles, high mast, street lighting, area lighting, in professional lighting. It also provides various fans comprising ceiling, pedestal, table, wall, personal, domestic, and others. It also involved in the engineering, procurement and commissioning of power transmission and power distribution infrastructure. It operates approximately 2,00,000 retail outlets.
BAJAJ ELECTRICALS LIMITED 
