Bajaj Auto’s Share Buyback Programme Begins: Everything You Need to Know

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Bajaj Auto’s Share Buyback Programme Begins: Everything You Need to Know

By Malvika Gurung

Investing.com -- The leading two-wheeler and three-wheeler manufacturer Bajaj Auto’s board has begun its share buyback programme of Rs 2,500 crore, starting July 4, 2022, as per a regulatory filing.

At a meeting on June 27, Bajaj Auto’s board gave a thumbs up to the share buyback proposal of the company. 

The buyback will be conducted at a price lower than Rs 4,600/share, for an aggregate amount of not more than Rs 2,500 crore, which would represent 9.61% of the total paid-up share capital of the company.

The company agreed to buy back its fully paid-up equity shares with Rs 10 face value each from existing shareholders, except promoters and promoter group from the open market.

Shares of the company ended 1.4% higher at Rs 3,675 apiece on Monday.

Brokerage firm Axis Securities has initiated a Buy call on the auto stock, setting a target price of Rs 4,200/share, an upside of 14.3% compared to its closing price on Monday.

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