Bajaj Auto to buy back shares worth Rs 2,500 crore at Rs 4,600 each

Two-wheeler giant Bajaj Auto to take back 5.43 mn shares at Rs 4,600 a piece

Bajaj Auto has approved buyback of shares worth up to Rs 2,500 crore. The two-wheeler major intends to buy back 5.43 million shares, aggregating up to 1.88 per cent of its paid-up share capital via the open market at Rs 4,600 per share.

In 2000, shareholders had approved a buyback of up to 18 million equity shares at a price of Rs 400 each.

Share purchases by companies and promoters are seen as a positive signal about the management’s confidence in the fundamentals of a business.

The promoter group holds around 54 per cent share in the company.

Bajaj said