New Delhi, Sept. 24 -- Bajaj Electricals share price rallied as much as 11 per cent to Rs.647.95 apiece in Wednesday's trading session after the company plans to acquire the Morphy Richards brand on September 23.

The consumer electrical maker stock opened at Rs.619.45 apiece in early morning session on September 24, as compared to previous close of Rs.577.10.

In a post-market filing on Tuesday, the Bajaj Electricals announced that its board has approved acquiring the Morphy Richards brand and associated intellectual property rights from Glen Electric Ltd, part of Ireland's Glen Dimplex Group, for Rs.146 crore.

The deal grants ownership across India, Nepal, Bhutan, Bangladesh, the Maldives, and Sri Lanka. Bajaj Electricals, which has he...