Bajaj Auto, subsequent to its Board assembly held on Monday, has introduced that the corporate has authorised the buyback of fairness shares, aggregating as much as Rs 2500 crore, representing 9.61% of the whole paid-up share capital.
The automaker has authorised the buyback of paid-up shares at a worth no more than Rs 4,600 per share.
The firm will perform the buyback from current shareholders (besides promoters, promoter group and individuals in charge of the Company) from the open market.
“Subject to the market price of the equity shares being equal to or less than the Maximum Buyback Price, the indicative maximum number of Equity Shares proposed to be bought back, would be 54,34,782 equity shares (Proposed Buyback Shares), comprising approximately 1.88% of the paid-up share capital of the Company as of June 27, 2022,” stated the corporate.
“If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares to be bought back could exceed the proposed buyback shares, but will always be subject to the maximum buyback size.”, the assertion added.
“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.” stated the automaker.
Source: www.financialexpress.com”