Financial Daily from THE HINDU group of publications
Wednesday, Feb 01, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 01, 2006 |
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Corporate
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Mergers & Acquisitions Markets - Stocks Arbitrator fixes Maha Scooters share price at Rs 151.63
Rahul Wadke
Mumbai/Pune/Kolkata , Jan. 31 THE sole arbitrator, appointed by the two joint venture partners of Maharashtra Scooters Ltd (MSL), today officially announced the price recommendation for a share of MSL at Rs 151.63. The board of Western Maharashtra Development Corporation (WMDC), a Maharashtra Government outfit and the majority joint venture partner, would soon meet to take a view on the recommended price for sale of its 27 per cent MSL stake. Mr V.K. Jairath, Industries Secretary of Maharashtra, told Business Line in Mumbai today that the WMDC board would formally take a decision shortly whether the recommended price was acceptable for divestment. Mr Sanjeev Bajaj, ED of Bajaj Auto Ltd, the 24 per cent owner of MSL and the intending buyer of the WMDC's holding in MSL, said that the arbitration verdict cannot be considered as the conclusion. Arbitrator's price recommendation was a step towards the eventual deal. "The arbitration process is complete now. The arbitrator has given his recommendation contained in a legally valid document today. Now, both the parties have to execute the deal. We have not fixed the time frame for the execution of the deal and this would happen as soon as the Bajaj Auto Chairman, Mr Rahul Bajaj, comes back and the senior management team of the company meets."
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