New Delhi, Feb. 21 -- Bajaj Auto Ltd on Friday said its board has approved an investment of up to Euro 150 million ( Rs.1,364 crore) in its wholly-owned arm, Bajaj Auto International Holdings BV, Netherlands, to fund the needs of the latter towards investment opportunities.

The board of directors at its meeting held on Friday have accorded approval to invest funds up to Euro 150 million in Bajaj Auto International Holdings BV, Netherlands (BAIH BV), the company said in a regulatory filing.

The investment could be either in the form of equity capital, preference capital, loan -- convertible or otherwise, as may be determined in the due course, in one or more tranches, it added.

The capital infusion will be made in one or more tranches d...