Bajaj Auto Ltd on Monday said its board has approved a share buyback (re-purchase of Shares) programme for an aggregate amount of up to Rs2,500 crore.

In a regulatory filing, Bajaj Auto mentioned that the board of directors of the company approved the proposal for the buyback of fully paid-up equity shares of the company with a face value of Rs 10 each from existing shareholders, excluding promoters and promoter group, from the open market on the stock exchanges.

For a total of up to Rs 2,500 crore, or 9.61 percent of the entire paid-up share capital of the firm, the buyback will be conducted at a price per equity share that is not to exceed Rs 4,600.

The company's board had postponed making a decision on its proposed share buyback on June 14 citing further deliberations required on the proposal.

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