Indian multinational automotive manufacturing company Bajaj Auto Ltd on Monday announced the start of its Rs 2,500 share buyback programme. The Pune-based company said in a regulatory filing that the buyback proposal started on July 4 and will last for one year.
The proposal for the buyback of current shareholders, excluding promoters and promoter group, who hold fully paid-up equity shares of the firm with a face value of Rs 10 apiece, was authorised by the board of the company at its meeting on June 27.
According to the announcement, the repurchase/share buyback will be carried out for a total of up to Rs 2,500 crore at a price per equity share that does not exceed Rs 4,600, or 9.61 percent of the total paid-up share capital of the firm.
Shares of Bajaj Auto are currently quoted (During Mid-noon Session) at Rs.3,657.95 up by Rs. 33.95 or 0.92% from its previous closing price of Rs 3,624.60 on NSE.