The two factions of Bajaj business family with Rahul Bajaj on one side and his brother Shishir on the other have yet to agree upon a final price for sale of the younger sibling's 6 per cent stake in Bajaj Auto Ltd.
"The issue is far from over though we have broken the ice. We have commenced talks with each other through our respective lawyers... but neither of them have discussed the price, which is an ultimate deciding factor, as of yet," sources close to the Bajaj family said on Tuesday.
They factions still differ on Bajaj Auto's price offered by Shishir, who wants to exit by selling his stake.
"Rahul and his cousins Shekhar, Madhur and Neeraj are ready to buyout Shishir's (share) at any given point of time provided they get his stake without a premium attached to it," sources said.
They said it was the younger brother who wanted to sell his stake and not otherwise.
"It is him who wants to sell the stake and not us," they said, adding that the Rahul faction was ready to hold constructive negotiations with Shishir if the offer was 'good and acceptable.'
Sources said the factions are interacting with each other through their lawyers, Malvi Ranchhoddas & Co for Rahul's side and Federal & Rashmikant on Shishir's side, for working out an amicable solution.
However, differences over charitable trusts and family properties in Wardha and Bajaj Bhavan in Mumbai were yet to be sorted out, they said.
Sources said the lawyers were working out a solution by which Shishir could get control of the two companies currently managed by him -- Bajaj Hindustan and Bajaj Consumer Care.
"In return, Rahul and his cousins will acquire Shishir's stake in other group companies including Bajaj Auto," they added.
Earlier, Shishir had expressed his desire to offload his stake in the open market, but was unable to do so as around 4.5 per cent is being held through various investment firms, wherein the other rival faction was not ready to agree upon the sale.
Shishir had earlier turned down his elder brother's offer of Rs 350 per share for his holding in Bajaj Auto.
The entire controversy hit the headlines six months ago when the younger brother expressed his desire to offload his share in other Bajaj Group companies, including Bajaj Auto.
Efforts of close family friends like NCP leader Sharad Pawar and Dhirajlal Mehta also did not yield any results as no fixed terms and conditions could be set by both the factions.
According to the group holding, each of the five members of the Bajaj family have almost equal stake in their 25-odd companies.
