Bajaj Auto's board approves share buyback of up to Rs 4,000 cr at Rs 10,000 per share
Bajaj Auto told stock exchanges that the share buyback will happen through tender offer route
- Jan 8, 2024,
- Updated Jan 8, 2024 7:53 PM IST
Bajaj Auto Ltd's board on Monday approved share buyback of up to Rs 4,000 crore at Rs 10,000 per share through tender offer route.
"We wish to inform that the Board of Directors of the Company at its meeting held today, i.e., Monday, 08 January 2024, has approved the proposal for buy-back of up to 4,000,000 fully paid-up Equity Shares of face value of Rs 10 each by the Company (representing 1.41% of the total number of Equity Shares of the Company) at a price of Rs 10,000 per equity share payable in cash for a total consideration not exceeding Rs 4,000 crore," said Bajaj Auto in a stock exchange filing.
On Monday, the two- and three-wheeler firm's scrip on BSE closed 0.25% higher at Rs 6,985.7.
The up to Rs 4,000-crore share buyback represents 16.33% and 14.49% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone financial statements and audited consolidated financial statements for the financial year ended on March 31, 2023, said the company.
The buyback plan follows a whopping 88% surge in the company’s stock in 2023, marking its best year since 2009 and outpacing a 47.6% rise in the Nifty Auto index.
The company will report its third-quarter results on January 24.
The ‘Pulsar’ motorcycle-maker last bought back shares worth Rs 2,500 crore between July and October 2022.
Bajaj Auto Ltd's board on Monday approved share buyback of up to Rs 4,000 crore at Rs 10,000 per share through tender offer route.
"We wish to inform that the Board of Directors of the Company at its meeting held today, i.e., Monday, 08 January 2024, has approved the proposal for buy-back of up to 4,000,000 fully paid-up Equity Shares of face value of Rs 10 each by the Company (representing 1.41% of the total number of Equity Shares of the Company) at a price of Rs 10,000 per equity share payable in cash for a total consideration not exceeding Rs 4,000 crore," said Bajaj Auto in a stock exchange filing.
On Monday, the two- and three-wheeler firm's scrip on BSE closed 0.25% higher at Rs 6,985.7.
The up to Rs 4,000-crore share buyback represents 16.33% and 14.49% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone financial statements and audited consolidated financial statements for the financial year ended on March 31, 2023, said the company.
The buyback plan follows a whopping 88% surge in the company’s stock in 2023, marking its best year since 2009 and outpacing a 47.6% rise in the Nifty Auto index.
The company will report its third-quarter results on January 24.
The ‘Pulsar’ motorcycle-maker last bought back shares worth Rs 2,500 crore between July and October 2022.