Bajaj Auto Ltd on Monday said it had bought back over 64 lakh shares from public shareholders for Rs 2,499.97 crore under its share buyback exercise. The company started buying back shares on July 4, 2022. At a meeting on Monday, the Buyback Committee agreed that the process will end and be closed on October 10, 2022.
Bajaj Auto said in a regulatory filing that it had bought back 64,09,662 equity shares for a total of Rs 2,499.97 crore. The total amount earmarked for the purpose was up to Rs 2,500 crore. The company’s board, at its meeting held on June 27, 2022, approved the proposal for buyback of the fully paid-up equity shares of a face value of Rs 10 each from existing shareholders except promoters, promoter group, and persons in control of the company from the open market at a price not exceeding Rs 4,600 per share.
After the completion of the buyback exercise, Bajaj Auto said the shareholding of promoters and promoter groups has increased to 54.98 percent, up from 53.77 percent earlier. On the other hand, public shareholding has come down to 45.02 percent from 46.23 percent before the buyback.