INDIA: Bajoria And Bombay Dyeing Chief In Negotiations
Jute baron Arun Bajoria, who is being investigated by the authorities for his "surreptitious" purchase of Bombay Dyeing shares, has asked for a price of Rs 200 for the shares, but may eventually settle for Rs 150 per share, the Times of India Group reported today. This is the first time in the ongoing tussle between Bajoria and Bombay Dyeing chairman Nusli Wadia that both have agreed on a fixed price for the sale of shares.The dispute erupted after Bajoria acquired a sizable portion in Bombay Dyeing's equity. The Bombay Dyeing management, headed by the Wadias, alleged that the process of purchasing those shares was conducted in a surreptitious manner. The matter is currently being studied by the Company Law Board and the Securities and Exchange Board of India.According to sources close to the negotiation, Bajoria has offered to sell his holding in Bombay Dyeing to the Wadias at Rs 200 a share. Wadia was initially willing to offer only Rs 100 for each of the shares and the talks had reached a stalemate.Subsequently, both parties were advised by their consultants to reach a consensus price and a price of Rs 150 for each of the Bombay Dyeing shares was fixed. Bombay Dyeing shares closed at Rs 113.20 on the National Stock Exchange on Friday.
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