Bajaj Auto buys back 6.4 mn shares worth Rs 2,499.97 cr at Rs 4,600 apiece

Bajaj Auto Ltd on Monday said it has bought back over 64 lakh shares from public shareholders for Rs 2,499.97 crore under its share buyback exercise.

The company, which had commenced the share buyback on July 4, 2022, said its Buyback Committee at its meeting held on Monday approved the completion and closure of the exercise from October 10, 2022.

In a regulatory filing, Bajaj Auto said it has bought back 64,09,662 equity shares, utilising an aggregate amount 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 had approved the proposal for buyback of the fully paid up equity shares of face value of Rs 10 each from existing shareholders except promoters, promoter group and persons in control of the company from open market at a price not exceeding Rs 4,600 per share.

After the completion of the buyback exercise, Bajaj Auto said shareholding of promoters and promoter groups has increased to 54.98 per cent from 53.77 per cent earlier.

On the other hand, public shareholding has come down to 45.02 per cent from 46.23 per cent before the buyback.