Hey Sudhakar,
I am not sure why PPFAS sold and diverted their stake to Bajaj holdings, one can never be sure of the exact reasons unless one works in the investment team of PPFAS. So yes, it is my presumption that they felt they will be able to generate superior returns in the later. But that is not of much concern to me as PPFAS can be wrong too, so one should not take that at face value.
I have highlighted my concerns in the above points of why Maharashtra Scooters can take a long long time (maybe never) to see its discounts narrow down/disappear. If you feel otherwise then probably we can discuss your narrative 
Regards,
GS