Bajajs plan to exit equipment unit

A US-BASED company and some European buyers are eyeing the company

HERCULES HOISTmaintains a leadership position in material handling products

"Some of the overseas companies have started the due diligence process," informed a person close to the Bajaj family. He did not divulge the name of the companies involved in the due diligence. Hercules Hoist maintains a leadership position in the country in material handling products such as chain electric hoists, stacker cranes, travelling trolleys, etc.  The stock of the company, which touched its one-year high of Rs 8,280.85 on November 1 last year, is trading at a much lower price after the recent stock market crash.  At this price, the promoters' stake would be valued at Rs 231 crore and its sale at Rs 430 crore would fetch around 86 per cent premium.  Shekhar Bajaj, chairman, Hercules Hoist, did not respond to the calls made to him. M S Saigal, president and CEO, Hercules Hoist, refused to confirm or deny the news.  "I can not comment until I speak to the chairman," he said. According to a company filing with the NSE, Bajaj Auto Holdings has a 16.88 per cent stake in the company as of March 31, while Rahul Bajaj owns a 9.42 per cent stake.