Start of a Rs. 2500 billion share buyback by Bajaj Auto

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The launch of Bajaj Auto Ltd.’s Rs 2,500 share repurchase programme was announced on Monday by the global Indian automaker. The buyback programme, according to the Pune-based company’s regulatory filing, began on July 4 and would extend for a year.

The board of the company approved the proposal for the buyback of current shareholders who own fully paid-up equity shares of the company with a face value of Rs 10 each, excluding the promoters and promoter group, at its meeting on June 27.

The statement states that the share buyback/repurchase will be conducted for a maximum amount of Rs 2,500 crore at a price per equity share that is not greater than Rs 4,600, or 9.61 percent of the firm’s total paid-up share capital.

Bajaj Auto’s shares are currently trading at Rs. 3,657.95 during the midday session, up Rs. 33.95 or 0.92 percent from its previous closing price of Rs. 3,624.60 on the NSE.