News India Point

Buyback of Bajaj Auto Shares: Board to Meet Today to Discuss Buyback; Stock Up

<p>On January 8, the stock of Bajaj Auto Limited saw a 1% increase to Rs 7,043 ahead of the company’s board of directors meeting to discuss a proposal for a share repurchase.</p>
<p><img decoding=”async” class=”alignnone wp-image-342917″ src=”” alt=” buyback of bajaj auto shares board to meet today to discuss buyback stock up bajaj” width=”1079″ height=”719″ title=”Buyback of Bajaj Auto Shares: Board to Meet Today to Discuss Buyback; Stock Up 3″ srcset=” 510w,×100.jpg 150w” sizes=”(max-width: 1079px) 100vw, 1079px” /></p>
<p>“The meeting of the Board of Directors of the Company is scheduled on 08/01/2024, inter alia, to consider and approve a proposal to buyback of fully paid-up equity shares of the Company and other matters necessary and incidental thereto,” Bajaj Auto said in a regulatory filing last week.</p>
<p>It would be the second Bajaj Auto repurchase in the last two years if granted. In July 2022, the car manufacturer announced a share purchase at a price of ₹4,600 per equity share. The amount of the last open market share repurchase by Bajaj Auto was ₹2,500 crore.</p>
<p>The managing director of Pune-based Bajaj Auto, which manufactures two-wheelers, Rajiv Bajaj, has hinted that this time’s share purchase would probably be much larger. Whether to use the open market or a tender offer for the repurchase will be determined by the board of the firm.</p>
<p>The company’s managing director, Rajiv Bajaj, said that the repurchase will be much larger this time in conversation with CNBC TV-18. Bajaj went on to say that the business had a great 2023 and would close the fiscal year 2024 with Rs 20,000 crore in cash.</p>
<p>According to the MD of Bajaj Auto, he anticipates returning more than 70% of the company’s capital to investors once it exceeds Rs 15,000 crore in its books.</p>
<p>In the previous trading session, the company’s shares saw a gain of more than one percent, closing at Rs 6,978. After reaching a record high of Rs 7,084 on January 5, it reduced gains.</p>

Related posts

Indian Government Allows Citizens To File FIRs For IT Rule Violations On Social Media


FPIs Support Indian Equities This Month With Impressive Rs 43,800 Cr Investment


How to Connect to Free WiFi at Indian Railway Stations