MUMBAI: Bajaj Auto has initiated discussions with KTM’s parent Pierer Mobility AG (PMAG) to swap its stake in KTM for a stake in the latter, according to a notice to the exchanges. Bajaj Auto and PMAG hold approximately 48 per cent and 51.7 per cent, respectively, in KTM AG Austria. Bajaj’s shareholding is through its fully-owned Netherlands-based subsidiary Bajaj Auto International Holdings BV.