Last Update: 14 October 2022, 18:29 IST
Bajaj Auto says that its buyback committee in its meeting held on Monday approved the completion and closure of the process from October 10.
Bajaj Auto says it has bought back 64,09,662 equity shares using a total amount of Rs 2,499.97 crore.
Bajaj auto Ltd. on Monday said it has bought back over 64 lakh shares from public shareholders for Rs 2,499.97 crore as part of its share buyback exercise. The company, which had initiated share buybacks on July 4, 2022, said its buyback committee in its meeting held on Monday approved the completion and closure of the exercise with effect from October 10, 2022.
In a regulatory filing, Bajaj Auto said it has bought back 64,09,662 equity shares using an aggregate amount of Rs 2,499.97 crore. The total amount earmarked for this purpose was up to Rs 2,500 crore. The Board of the Company in its meeting held on June 27, 2022 had approved the proposal for buyback of fully paid-up equity shares of face value of Rs.10 each from existing shareholders excluding promoters, promoter group and controlling persons. Company at a price not exceeding Rs.4,600 per share from the open market.
After the completion of the buyback process, Bajaj Auto said the stake of promoters and promoter groups has increased to 54.98 per cent from 53.77 per cent earlier. At the same time, the public shareholding has come down from 46.23 per cent to 45.02 per cent before the buyback.
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