homemarket NewsBajaj Auto share buyback: Two wheeler major to repurchase shares at ₹10,000, a 43% premium
Bajaj Auto share buyback: Two-wheeler major to repurchase shares at ₹10,000, a 43% premium
Bajaj Auto share buyback: Bajaj Auto Ltd board on Monday, January 8 approved a ₹4,000 crore share buyback at ₹10,000 apiece. The price is at a premium of 43% to the last closing price of ₹6985.10.
Bajaj Auto Ltd board on Monday, January 8 approved a ₹4,000 crore share buyback at ₹10,000 apiece. The price is at a premium of 43% to the last closing price of ₹6985.10.
"the Board of Directors of the Company at its meeting held today, i.e., Monday, 08 January 2024, has approved the proposal for buy-back of up to 4,000,000 fully paid-up Equity Shares of face value of ₹10/- each by the Company
(representing 1.41% of the total number of Equity Shares of the Company) at a price of ₹ 10,000 (Rupees Ten Thousand only) per Equity Share payable in cash for a total consideration not exceeding ₹ 4,000 crores/- (Rupees Four Thousand Crores Only)...," the company said in an exchange filing.
Bajaj Auto board approves share buyback up to Rs 4,000 cr pic.twitter.com/aJ3t5buvyD
— CNBC-TV18 (@CNBCTV18Live) January 8, 2024
In an exclusive interaction with CNBC-TV18, Bajaj Auto Managing Director Rajiv Bajaj said that the company has had an excellent 2023 and will end financial year 2024 with cash of ₹20,000 crore.
Bajaj Auto Share BuyBack History
Bajaj Auto had previously done a share buyback worth ₹2,500 crore in June 2022 at a price of ₹4,600 per share.
"It is logical to assume that the buyback size will be higher than the previous instance as the cash on the books is higher," Bajaj said.
Bajaj also talked about a bunch of exciting launches lined up for the Pulsar motorcycle this quarter, playfully adding, "I heard you say earlier that the market rally has pressed the pause button. But remember, there is no pause button on a Pulsar."
He also highlighted Chetak's prospects of hitting 15,000 units per month this quarter, alongside a steady flow in domestic three-wheeler sales and exports. The electric scooter has surpassed 10,000 monthly sales.
Bajaj Auto December 2023 Sales
Bajaj Auto's total sales for December came in at 3.26 lakh units. This marks a 16% increase compared to the same period last year but falls short of the CNBC-TV18 poll forecast of 3.51 lakh units.
#BajajAuto December auto sales👉Total 2-wheeler sales up 15% at 2.83 lakh units vs 2.47 lakh units (YoY) pic.twitter.com/xpEQYvf9nn
— CNBC-TV18 (@CNBCTV18Live) January 1, 2024
First Published: Jan 8, 2024 8:01 PM IST
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