Bajaj Auto board to consider buyback of equity shares on January 8; stock hits record high

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03.01.2024 - 10:12

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₹7,059.75 level on the BSE. Bajaj Auto share price closed at ₹6,958.60, up 4.44%.

“We wish to inform you that, the board of directors of the Company at its meeting scheduled to be held on Monday, 08 January 2024 (“Board Meeting"), inter alia will consider a proposal to buyback of fully paid-up equity shares of the company," Bajaj Auto said in an exchange filing. Speaking with CNBC-TV18, Bajaj Auto CEO Rajiv Bajaj said the board will meet on Monday to discuss the proposed buyback.

Given the higher cash on books, it makes sense to assume that the buyback will be larger. "We will close with ₹20,000 crore of cash this year.

Whenever cash on books crosses ₹15,000 crore, we are looking to give back over 70% to investors," said Rajiv Bajaj. (more to come)Milestone Alert!
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