Outcome of board meeting of Bajaj Electricals concerning rights equity shares

Held on 14 May 2020

The Board of Bajaj Electricals at its meeting held on 14 May 2020 as considered and approved the allotment of 7 Rights Equity Shares kept in abeyance, pursuant to the Companyfs Rights Issue]2020, to one eligible applicant, at an issue price of Rs.310 per Rights Equity Share, including a premium of Rs.308 per Rights Equity Share.

In light of the Ministry of Finance (Department of Financial Services) (Banking Division) and Reserve Bank of India imposing a moratorium on Yes Bank (gYes Bankh) with effect from 18.00 hours on 05 March 2020 until 03 April 2020, 2,186 Rights Equity Shares of 48 applicants who had made application in the Rights Equity Shares using Applications Supported by Blocked Amount (gASBAh) facility of Yes Bank, were kept in abeyance which were to be allotted on receipt of the requisite funds. The Company had given an option to these applicants to make the payment within certain period from the date of lifting of moratorium on Yes Bank by regulatory authorities.

During the given period post lifting of moratorium, the Company has received requisite funds from one applicant in respect of 7 Rights Equity Shares. Since, the Company has not received the requisite funds from other 47 applicants, the balance 2,179 Rights Equity Shares kept in abeyance for these applicants have been forfeited pursuant to the approval of the Board of Directors at its meeting held on 14 May 2020.

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