Bajaj Consumer Care announces Rs 80.89 crore share buyback

9 Dec 2022 , 02:17 PM

Bajaj Consumer Care, a smallcap FMCG business, announced a repurchase on Friday for Rs80.89 crore at a price of Rs240 per share through the open market. The choice was made during a company board meeting in Mumbai.

According to the company’s regulatory filing, the indicative maximum number of equity shares proposed to be purchased at the maximum buyback size and maximum buyback price under the buyback would be 33,70,416 equity shares (representing approximately 2.28%, which is less than 25% of the total number of equity shares in the company’s paid-up equity capital as of March 31, 2022).

Bajaj Consumer announced that it will buy back a minimum of 16,85,208 shares, or at least 50% of the total allowable buyback amount (Rs40.44 crore).

According to the most recent standalone and consolidated audited financial statements of the company, respectively, for the financial year ended March 31, 2022, “the buyback offer size represents 9.66% and 10% of the aggregate of the company’s fully paid-up equity capital and free reserves, which is not more than 10% of the aggregate of the total paid-up capital and free reserves of the company,” it said.

According to the rules, the company’s promoters are not permitted to take part in the open market repurchase.

Later on, the buyback schedule will be made public.

The stock, which has a market value of Rs2,700 crore, has increased by more than 32% during the past six months. Following the repurchase news, the smallcap was trading 3% higher at Rs183.65.

For feedback and suggestions, write to us at [e-mail]