Bajaj Auto jumps ~2% ahead of share buyback proposal on June 27

23 Jun 2022 , 01:09 PM

Bajaj Auto Limited informed the investors and exchanges that its board would convene a meeting on June 27, 2022, to consider the share buyback proposal.

The company stated in its filing, “A meeting of the Board of Directors of the company is scheduled to be held on Monday, June 27, 2022, inter-alia to consider the proposal for buyback of fully paid-up equity shares of the company as per the provisions of Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018.”

Earlier, the company announced that its board would consider buyback on June 14, 2022, however, the decision was deferred.

If this buyback receives the necessary approval, this would be the first buyback by Bajaj Auto since 2000.

Following this announcement, Bajaj Auto’s scrip was trading 2.06% higher at Rs3,710.70 against its previous close of Rs3,635.65 on NSE. It touched intraday high and low of Rs3,749 and Rs3,665.25 respectively.