The Bajaj-KTM partnership started in 2012.New Delhi: Bajaj Auto and Pierer Industrie AG on Wednesday finalised a stake swap deal with PTW Holding to simplify the shareholding pattern in the Austrian bikemaker KTM AG. “Under the new agreement, Bajaj Auto International Holdings BV (BAIHBV) swapped 46.5% (out of its 48%) stake currently held in KTM AG to PTW Holding AG,” Bajaj Auto said in a notification to exchanges.In return, BAIHBV has been granted a 49.9% stake in PTW Holding AG and became an equity holder along with Pierer lndustrie in PTW Holding, the two-wheeler manufacturer added.BAIHBV is Netherlands-based subsidiary of Bajaj Auto International Holdings BV.PTW Holding AG is the majority shareholder of Pierer Mobility AG, owned by the Pierer Group.”In a second step, the 46.5% KTM shares now held by PTW Holding AG will be contributed to Pierer Mobility AG against the granting of new shares in the context of a capital increase through contributions in kind,” Bajaj Auto stated.”The capital increase will be carried out exclusively against contribution in kind of KTM shares by PTW Holding AG and under exclusion of subscription rights of the other shareholders. The capital increase will be executed, subject to the approval of the supervisory board, in the second half of October,” it mentioned in its notification.Bajaj further said that after the execution of this transaction, the shareholding of Pierer Mobility AG in the operating KTM AG will increase from currently around 51.7% to around 98.2%. The Pierer Group will, however, continue to retain sole control over Pierer Mobility AG.The Bajaj-KTM partnership started in 2012 when it forayed into the Indian market with the launch of Duke 200.
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