homebusiness Newscompanies NewsBajaj Consumer Care approves Rs 80 crore share buyback via open market route
Bajaj Consumer Care approves Rs 80 crore share buyback via open market route
On an absolute basis, the maximum buyback price is at a premium of nearly 35 percent to Thursday's closing price.
Bajaj Consumer Care Ltd.'s board approved the proposal to buyback equity shares of the company on Friday. The company will buy 33.7 lakh shares at a maximum price of Rs 240 per share.
On an absolute basis, the maximum buyback price is at a premium of nearly 35 percent to Thursday's closing price.
The total buyback consideration will translate into an aggregate amount not exceeding Rs 80.89 crore. The total number of shares amount to 2.28 percent of the total paid-up equity capital of the company.
If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the indicative maximum buyback shares, but will always be subject to the maximum buyback size, the company said.
Also, Bajaj Consumer Care would have to utilize at least 50 percent of the maximum buyback size, i.e. Rs 40.44 crore, for the buyback and would have to purchase an indicative minimum of 16.85 lakh shares.
The board has also appointed ICICI Securities Ltd as the manager to the buyback, it added.
Shares of Bajaj Consumer are trading 1.4 percent higher at Rs 181.30.
First Published: Dec 9, 2022 1:51 PM IST
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