Bajaj Auto buys back shares worth Rs 2,499.97 crore

New Delhi: Bajaj Auto Ltd said on Monday that it has repurchased more than 64 lakh shares from public shareholders for Rs 2,499.97 crore under its share buyback.

The company, which had begun its share repurchase on July 4, 2022, said its buyback committee at Monday’s meeting approved the completion and closure of the exercise as of October 10, 2022.

In a regulatory filing, Bajaj Auto said it has repurchased 64,09,662 shares, for a total consideration of Rs 2,499.97 crore.

The total amount earmarked for this purpose was up to Rs 2,500 crore.

The board of directors of the company, at its meeting held on 27 June 2022, had approved the proposal for repurchase of the fully paid-up shares with a nominal value of Rs 10 each from existing shareholders except promoters, promoter group and persons who control the company as of the open market at a price not exceeding Rs 4,600 per share.

Following the completion of the buyback exercise, Bajaj Auto said the shareholding of promoters and promoter groups increased to 54.98 percent, from 53.77 percent earlier.

On the other hand, public share ownership has fallen to 45.02 percent from 46.23 percent before the buyback.

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