Bajaj Auto rises as buyback offer set to open; know record date and other details
Bajaj Auto Share Price: The buyback offer of Bajaj Auto will open on March 6 and close on March 13. The record date for the buyback offer is February 29, 2024. As many as 40 lakh shares are up for grabs in the offer.
Bajaj Auto Share Price: Bajaj Auto jumped over two per cent on BSE on Tuesday (March 5, 2024) in the first trading session after the automaker announced a buyback offer of up to 40 lakh shares.
The stock of the automaker was trading up by 0.75 per cent, or Rs 61.70 per cent, at Rs 8,266.85 at 11:20 am.
The stock that opened at Rs 8,179.35 rose to the day's high of Rs 8,386.65, a 2.21 per cent jump from the previous close of Rs 8,205.15.
What is Bajaj Auto's buyback offer?
Bajaj Auto will buy back 40 lakh shares worth Rs 4,000 crore in its buyback offer.
"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 said in a statement on Monday.
The buyback offer will open on March 6 and close on March 13.
The record date for the buyback offer is February 29, 2024.
The reserved category for small shareholders is seven shares for every 27 shares held on the record date.
The general category for all other eligible shareholders is one share for every 82 shares held on the record date.
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