Bajaj Electricals Limited (BSE:500031) agreed to spin-off Power Transmission and Power Distribution Business of Bajaj Electricals Limited on February 8, 2022. Shareholders of Bajaj Electricals Limited will receive 1 equity share of Spin-off business for every 1 share in Bajaj Electricals Limited. Spin-off business will be known as Bajel Projects Limited. The equity shares of Bajel Projects Limited shall be listed on BSE Limited and National Stock Exchange of India Limited post completion. All the other businesses of Bajaj Electricals Limited, including the Consumer Product business and Illumination Projects business, will remain with Bajaj Electricals Limited. Spin-off business reported a turnover of INR 7300 million for the year ended March 31, 2021. Transaction is subject to necessary statutory and regulatory approvals including the approval of Hon?ble National Company Law Tribunal, Mumbai Bench. Transaction is also subject to approval of shareholders of Bajaj Electricals Limited. Transaction is approved by the Board of Directors of Bajaj Electricals Limited. As of January 5, 2023, National Company Law Tribunal, Mumbai Bench directed Bajaj Electricals to convene a meeting of its equity shareholders on Thursday, March 2, 2023. Transaction is expected to complete on April 1, 2022. As of May 8, 2023, National Company Law Tribunal has scheduled a hearing on the said petition for June 8, 2023. As of June 15, 2023, NCLT approved the transaction. As of August 25, 2023, Scheme effective date is September 1, 2023.

Bajaj Electricals Limited (BSE:500031) completed the spin-off Power Transmission and Power Distribution Business of Bajaj Electricals Limited on September 16, 2023. Arka Banerjee of Anagram Partners acted as legal advisor to Bajaj Electricals Limited.