Bajaj Consumer Care rose 1.88% to Rs 181.50 after the company announced that its board approved share buyback upto Rs 80.89 crore at a price not exceeding Rs 240 per share through open market route.
The maximum buyback price of Rs 240 per equity share represents a 34.72% premium to Thursday's closing price of Rs 178.15 on the BSE.The indicative maximum number of equity shares to be bought back under the buyback would be 33,70,416 equity shares (representing approximately 2.28%, which is less than 25% of the existing paid-up equity share capital of the company).
The maximum buyback size represents 9.66% and 10% of the aggregate of the total paid-up equity share capital and free reserves of the company based on the latest audited standalone and consolidated financial statements of the company as on 31 March 2022, respectively.
Bajaj Consumer Care is the leading player in light hair oil category with the flagship brand Bajaj Almond Drops Hair Oil commanding around 65% market share in its category. The company also manufactures other hair care and skin care products under various brands.
The company's consolidated net profit tumbled 31.9% to Rs 31.66 crore despite of 7.7% rise in net sales to Rs 229.71 crore in Q2 FY23 over Q2 FY22.
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