Bajaj Electricals has acquired additional stake of 28 percent in Starlite Lightning. The company had advanced a sum of Rs 38 million to Starlite Lightning as a short-term loan on a collateral security by way of pledge by the promoters of Starlite Lightning of 35 lakh (28 percent) equity shares of Rs 10 each held in Starlite Lightning under an agreement of pledge of shares dated February 23, 2007, with a right to the company to purchase the same, at a pre- determined consideration of Rs 3.50 lakh.

The company has now exercised its right to acquire these shares and with this acquisition, the shareholding of the company in Starlite Lightning has increased from 19 percent to 47 percent.

Shares of the company gained Rs 11.65, or 3.53%, to trade at Rs 341.40. The total volume of shares traded was 20,811 at the BSE (10.15 a.m., Tuesday).