The Board of Directors of Bajaj Auto Ltd ("Board") at its meeting held today i.e. Monday, 27 June 2022, has approved the proposal for buyback of the fully paid up equity shares of the Company having a face value of Rs. 10/- each ("Equity Shares") from the existing shareholders of the Company (except promoters, promoter group and persons in control of the Company) from open market through stock exchange mechanism (i.e through National Stock Exchange of India Limited and BSE Limited collectively "Stock Exchanges") at a price not exceeding Rs. 4,600/- ("Maximum Buyback Price") per Equity Share and such aggregate amount, up to Rs. 2,500 crore ("Maximum Buyback Size"), representing 9.61% and 8.71% of the aggregate of the total paid-up share capital and free reserves (including securities premium account) of the Company based on the latest audited financial statements of the Company as at March 31, 2022 (on a standalone and consolidated basis, respectively) ("Buyback").
Subject to the market price of the Equity Shares being equal to or less than the Maximum Buyback Price, the indicative maximum number of Equity Shares proposed to be bought back, would be 54,34,782 Equity Shares ("Proposed Buyback Shares"), comprising approximately 1.88% of the paid-up share capital of the Company as of 27 June 2022. If the Equity Shares are bought back at a price below the Maximum Buyback Price, the actual number of Equity Shares to be bought back could exceed the Proposed Buyback Shares, but will always be subject to the Maximum Buyback Size. The Company will utilise at least 50% of the amount earmarked as the Maximum Buyback Size for the Buyback i.e. Rs. 1,250 Crores ("Minimum Buyback Size"). Based on the Minimum Buyback Size and Maximum Buyback Price, the Company would purchase a minimum of27,17,392 Equity Shares.
The Board has constituted a Buyback Committee and has delegated the power to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient or proper in connection with the Buyback.
Shares of Bajaj Auto Limited was last trading in BSE at Rs. 3812.80 as compared to the previous close of Rs. 3782.90. The total number of shares traded during the day was 38145 in over 3280 trades.
The stock hit an intraday high of Rs. 3841.55 and intraday low of 3783.40. The net turnover during the day was Rs. 144873684.00.