Bajaj Auto concludes share buyback

The two-wheeler maker announced that its board approved the completion and closure of the share buyback on Monday, 10 October 2022.

Bajaj Auto commenced the share buyback on 4 July 2022. The two-wheeler maker said it bought back 64,09,662 equity shares, utilizing an aggregate amount of Rs 2499.96 crore, representing 99.99% of the maximum buyback size. The total amount earmarked for the purpose was up to Rs 2,500 crore.

Post buyback, the promoter shareholding in the company has increased to 54.98% from 53.77% earlier. Meanwhile, public shareholding in the company has decreased to 45.02% from 46.23% earlier.

Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric two-wheelers etc. and parts thereof.

On a consolidated basis, the company's net profit declined marginally to Rs 1,163.33 crore in Q1 FY23 compared with Rs 1,170.17 crore in Q1 FY22. Revenue from operations rose 8.37% year on year to Rs 8,005 crore in the quarter ended 30 June 2022, led by pricing and mix.

Shares of Bajaj Auto rose 0.49% to Rs 3619.40 on Monday, 10 October 2022.

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