Bajaj Auto board gives nod for ₹4,000 crore share buyback at ₹10,000 per share
₹4,000 crore, with shares priced at ₹10,000 each, on January 8,. This represents a premium of 43 percent compared to the last closing price.
The company is set to acquire 40 lakh shares through the tender route, equivalent to 1.41 percent of Bajaj Auto's outstanding shares. Additionally, the promoters of the company will actively participate in the buyback, holding a current stake of 54.94 percent in the company.
Also read: 360 One Prime aims to raise ₹1,000 crore via debt issuance “We wish to inform you 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 ₹10/- each by the Company (representing 1.41% of the total number of Equity Shares of the Company) at a price of ₹ 10,000 (Rupees Ten Thousand only) per Equity Share payable in cash for a total consideration not exceeding ₹ 4,000 crores," the company said in its exchange filing. In this regard, the automaker announced the formation of a Buyback Committee, entrusting it with the authority to undertake all necessary actions, deeds, and matters deemed necessary, expedient, or appropriate in connection with the buyback, at its absolute discretion.
Also read: Equity fuels MF inflows in Dec; debt sees ₹75,559.93 cr outflows “The 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 of the Company for the financial year ended on March 31, 2023," it added. The previous week, when Bajaj Auto disclosed its intention to convene a board meeting to
. Read more on livemint.com
