Today, Bajaj Auto shares are trading ex-buyback, with the company setting the record date for its buyback program on February 29, 2024. Shareholders holding Bajaj Auto shares after the close of Thursday’s session will be eligible to participate in the buyback, which the company has announced through the tender route.
Bajaj Auto has revealed the buyback price at ₹10,000 per share, representing a 25 percent increase over today’s share price, which is approximately ₹8,000 per share.
Providing details to the Indian stock market exchanges, Bajaj Auto Ltd stated, “This is in continuation of our previous disclosures dated January 8, 2024, and February 15, 2024, announcing the decision of the board of directors and the company’s members, respectively, to buy back up to 40,00,000 fully paid-up equity shares of the Company at ₹10,000 per share, aggregating up to ₹4,000 crore.”
Regarding the record date, Bajaj Auto mentioned, “The Buyback committee, constituted by the Board of Directors, has fixed Thursday, February 29, 2024, as the record date to determine the entitlement and the names of eligible equity shareholders.”
Instructions on how to participate in the buyback were also provided, including steps for tendering stocks during the offer period. However, specific details such as offer dates and buyback ratio are yet to be declared by Bajaj Auto. Shareholders who purchased Bajaj Auto shares until February 28, 2024, and continue to hold them after today’s market close will be eligible to tender their stocks during the offer period.
