Bajaj Auto on 8 January approved a Rs 4,000 crore share buyback at Rs 10,000 apiece.
“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.
In a regulatory filing last week, Bajaj Auto informed, “The meeting of the Board of Directors of the Company is scheduled on 08/01/2024, inter alia, to consider and approve a proposal to buyback of fully paid-up equity shares of the Company and other matters necessary and incidental thereto.”
This marks the company’s second buyback since 2022, when the two and three wheeler auto major had announced a Rs 2,500 crore buyback at Rs 4,600 per share.
“The Buyback is subject to approval of the shareholders by means of a special resolution through a postal ballot. The public announcement and letter of offer setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.