Bosch lost 1.79% to Rs 22,199.45 at 09:38 IST on BSE after the company's board of directors approved buyback of equity shares at a price close to the ruling market price.
Meanwhile, the S&P BSE Sensex was up 189.71 points or 0.7% at 27,334.62
On BSE, so far 539 shares were traded in the counter as against average daily volume of 1,433 shares in the past one quarter. The stock hit a high of Rs 22,300 and a low of Rs 22,137 so far during the day. The stock had hit a 52-week high of Rs 26,701 on 11 August 2015. The stock had hit a 52-week low of Rs 15,752.65 on 12 February 2016.
The large-cap company has equity capital of Rs 31.40 crore. Face value per share is Rs 10.
The company's board has approved buyback of 8.78 lakh fully paid up equity shares, or 2.79% equity, at Rs 23,000 per share. The buyback price represents just 1.76% premium over the stock's closing price of Rs 22,603.30 on Friday, 1 July 2016. The buyback offer aggregates to Rs 2019.76 crore. Bosch's German parent Robert Bosch GmbH has decided to participate in the buyback offer. The foreign parent currently holds 71.18% stake (as per the shareholding pattern as on 31 March 2016).
The buyback is subject to approval of the shareholders through a postal ballot process.
Bosch's net profit rose 30.8% to Rs 376.04 crore on 12.2% growth in net sales to Rs 2635.37 crore in Q4 March 2016 over Q4 March 2015.
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In India, Bosch is a leading supplier of technology and services in the areas of mobility solutions, industrial technology, consumer goods, and energy and building technology. Bosch Limited is the flagship company of the Bosch Group in India.
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