New Delhi, Feb 19 (UNI) The Mumbai High Court today approved the de-merger of Bajaj Auto Ltd, splitting the group into three separate entities with the creation of two new companies.
As per the scheme, Bajaj Auto's various businesses would be demerged into two newly incorporated subsidiaries -- Bajaj Holdings and Investment (BHIL) and Bajaj Finserv (BFL).
As part of the scheme, Bajaj Holdings and Investment will be renamed as Bajaj Auto and the existing Bajaj Auto would be renamed as Bajaj Holdings and Investment acting as the primary investment company.
The wind power and insurance and financial services will go to the Rs 800 crore worth Bajaj Finserv.
A statement to the Bombay Stock Exchange (BSE) said ''the Hon'ble High Court of Judicature at Bombay has sanctioned the Scheme of Arrangement between the Company, Bajaj Holdings&Investment Ltd and Bajaj Finserv Ltd and their respective shareholders and creditors.'' Further the Company has informed that, the "Effective Date" and the "Record Date" will be intimated after the filing of the order with the office of the Registrar of Companies.
UNI PBB PDT AS1712