The board of Bajaj Auto on Monday approved the proposed share buyback of upto Rs 2,500 crore at a price not exceeding Rs 4,600 per share through open market.
The maximum buyback price of Rs 4,600 per equity share represents a 20.65% premium to Friday's closing price of Rs 3,812.80 on the BSE.
The indicative maximum number of equity shares to be bought back under the buyback would be 54,34,782 equity shares, comprising approximately 1.88% of the paid-up share capital of the company.
The company will utilise at least 50% of the amount earmarked as the maximum buyback size for the buyback i.e. Rs 1,250 crore (minimum buyback size). Based on the minimum buyback size and maximum buyback price, the company would purchase a minimum of 27,17,392 equity shares.
Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric two-wheelers etc. and parts thereof.
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On a consolidated basis, the company reported 1.62% fall in net profit to Rs 1,526.16 crore on 8.14% decline in net sales to Rs 7,728.13 crore in Q4 FY22 over Q4 FY21.
Shares of Bajaj Auto were up 0.64% to Rs 3,837.35 on the BSE. It rose as much as 3.69% at the day's high of Rs 3953.50 today.
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