Shishir Bajaj Group has sold a small stake in its flagship group firm Bajaj Corp for a little over Rs 320 crore ($52 million) to Singapore's sovereign wealth fund Temasek, reported on Tuesday.This brings down the promoter holding in Bajaj Corp from 75 per cent to 67 per cent.It is one of the two significant listed firms under Shishir Bajaj Group, now led by Kushagra Bajaj. The other being sugar producer Bajaj Hindusthan.Bajaj Corp is known for its hair oil brands like Bajaj Kailash Parbat Thanda Tel, Bajaj Almond Drops Hair Oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Shikakai Hair Oil and Bajaj Jasmine Hair Oil.
For Temasek, this marks the second bet on an Indian FMCG firm. In early 2012 it had invested Rs 685 crore ($135 million) to buy 4.9 per cent stake in consumer products firm Godrej Consumer Products Ltd, in the single-largest alternative investment deal in the Indian FMCG industry.It put in the money through a preferential allotment, making it the largest institutional shareholder in Godrej Consumer. This is the sixth addition to its portfolio after Intas Pharma, Star AgriWarehousing & Collateral Management, M&M Financial, Snapdeal and Devyani International.
