Bosch board approves share buyback for over Rs 2K cr

Auto components major Bosch will buy back 8.78 lakh shares, about 24.99% of the paid up capital of the company, for Rs 2,019.76 crore.

The company's board has approved the buy back of 8,78,160 shares of the face value of Rs 10 each at a price of Rs 23,000 per share aggregating to Rs 2,019.76 crore from the shareholders, Bosch said in a regulatory filing.

The share buyback is subject to approval of the shareholders, it added.

The company's board, which met on Friday, also noted the intention of the promoter firm Robert Bosch GmbH to participate in the buy back, the company said.

The Bengaluru-based firm is a leading supplier of technology and services in the areas of mobility solutions, industry, consumer goods as well as energy.

The Bosch Group operates in India through nine companies.

It has 14 manufacturing sites and seven development and application centers in the country. The company employs over 29,000 associates.

Bosch stock on Friday closed 0.15% down at Rs 22,603.30 on BSE.