Bajaj Auto completes buyback of 64 lakh shares worth Rs2,499.97 crore; stock slips ~1%

11 Oct 2022 , 09:17 AM

Bajaj Auto Limited said on Monday that it has completed its share buyback exercise, purchasing over 64 lakh shares from public shareholders for a total of Rs2,499.97 crore. The company, which had started the share buyback on July 4, 2022, said the Buyback Committee had authorized the buyback’s completion and closure starting on October 10, 2022, at its meeting on Monday.

According to a regulatory filing, Bajaj Auto used a total of Rs2,499.97 crore to buy back 64,09,662 equity shares. The total amount earmarked for the purpose was Rs2,500 crore.

The proposal for the buyback of fully paid-up equity shares with a face value of Rs10 each from current shareholders, excluding promoters, promoter group, and persons in control of the company, from the open market at a price not to exceed Rs4,600 per share, as approved by the company’s board at its meeting on June 27, 2022.

After the completion of the buyback, the promoter shareholding increased to 54.98% from 53.77% earlier. On the contrary, the shareholding of the public has decreased to 45.02% from 46.23% before the buyback.

At around 9.21 AM, Bajaj Auto was trading at Rs3,576.85 per piece, down by 1.18% from its previous closing of Rs3,619.40 on the BSE. The scrip opened at Rs3,637 and touched an intraday high and low of Rs3,637 and Rs3,573.90 respectively.

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