Bajaj Auto stock slides on last day of automakers buyback offer
In its statement early this month, the automaker said, This is in furtherance of our disclosure dated February 19, 2024, in relation to the public announcement for buyback of up to 40,00,000 (Forty Lakhs) fully paid up equity shares of the company having a face value of Rs 10 each for Rs 10,000/- (Rupees Ten Thousand Only) per equity share for an aggregate amount not exceeding Rs 4,000 crore (Rupees Four Thousand Crore Only) excluding transaction costs, applicable taxes, and other incidental and related expenses (Buyback).
Bajaj Auto Share Price: Bajaj Auto slipped in morning deals on BSE on Wednesday (March 13, 2024) on the last day of its buyback offer worth Rs 4,000 crore.
The stock of the automaker was trading down by 0.36 per cent, or Rs 31.95, at Rs 8495.10.
The stock closed the trading session at Rs 8527.05 on Tuesday to start its journey on Wednesday at Rs 8515.45.
It rose to the day's high of Rs 8616.00, a 1.04 per cent jump. Its low for the day is Rs 8446.25, a 0.95 per cent fall.
What is Bajaj Auto's buyback offer?
In the buyback offer, Bajaj Auto targeted buying back 40 lakh shares worth Rs 4,000 crore.
In its statement early this month, the automaker said, "This is in furtherance of our disclosure dated February 19, 2024, in relation to the public announcement for buyback of up to 40,00,000 (Forty Lakhs) fully paid up equity shares of the company having a face value of Rs 10 each for Rs 10,000/- (Rupees Ten Thousand Only) per equity share for an aggregate amount not exceeding Rs 4,000 crore (Rupees Four Thousand Crore Only) excluding transaction costs, applicable taxes, and other incidental and related expenses (“Buyback”)."
Crisil rating for Bajaj Auto
Bajaj Auto on Tuesday announced that Crisil Ratings Limited has assigned new ratings to its bank facilities of Rs 1,500 crore.
The rating agency has given a AAA/Stable rating to Bajaj Auto's long-term bank facility.
It has given a A1+ rating to the automaker's working capital facility.
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