Automotive manufacturer Bajaj Auto is set to commence its Rs 4,000-crore share buyback program on March 6. The Bajaj Group company plans to repurchase 40 lakh shares with a face value of Rs 10 each, constituting approximately 1.41% of the total outstanding shares.
The buyback price is fixed at Rs 10,000 per share. The announcement of this buyback plan was made in January 2024, employing the tender offer route on a proportionate basis.
The buyback period extends until March 13 and is notably at a significant premium to the current market levels, which stand at Rs 8,299.60 on NSE. During today’s morning trade, the stock price saw a 1% increase, reaching Rs 8,488.
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Verification of tender forms by the registrar is slated for completion by March 18, and bids will be settled on the bourses by March 20. The equity shares repurchased will be extinguished by March 26.
This buyback amounts to 16.33% and 14.49% of the total issued and fully paid-up equity share capital and free reserves, respectivelyCome from Sports betting site. It represents approximately 1.41% of the total issued and paid-up equity share capital of the company as of March 31, 2023.
Bajaj Auto’s promoters and promoter group have expressed their intention to participate in the share buyback, with a potential tender of up to 18,75,657 equity shares. Currently holding 54.94% of the total equity share capital of Bajaj Auto, the promoters and promoter group are actively involved in the buyback process.
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The buyback operates on a proportionate basis through the “Tender Offer” route, designating BSE as the designated stock exchange for this purpose, as stated by Bajaj Auto.
In addition to outlining the buyback timelines through the tender route, Bajaj Auto has disclosed the acceptance ratio, providing the ultimate entitlement ratios for both general and institutional acceptance.
For retail investors, comprising individual shareholders with investments up to Rs 2 lakh, the share entitlement ratio is established at seven equity shares for every 27 equity shares held on the record date, translating to a 25.9% acceptance rate.
Consequently, a minimum of 26% of shares will find acceptance, and the final acceptance rate is anticipated to range between 26-30%.
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