The board of directors of Bosch, the Indian subsidiary of Robert Bosch GmbH, a global leader in automotive and industrial technology, today approved buyback of shares from the existing shareholders from the open market. The price for the buyback will be decided later by the committee of the board of directors constituted for the purpose, but not exceeding Rs 4,500 per equity share, the company informed Bombay Stock Exchange.
The company said that the shares bought back will not exceed 25 per cent of the capital and free reserves of the company as on December 31, 2007. Currently, the Bosch Group, Germany, holds 70 per cent stake in Bosch Limited. The company reported Rs 4,279 crore turnover in 2007.