Bajaj Auto has set June 24 (Wednesday) as the record date to determine shareholder eligibility for its biggest-ever share buyback worth Rs 5,633 crore, with analysts estimating approximately 11% returns for investors.
The company in May announced its board had approved a plan to buyback up to 46.94 lakh shares, each with a face value of Rs 10, representing 1.68% of the total paid-up share capital, for an aggregate amount not exceeding Rs 5,633 crore. The buyback will be conducted via the tender route at a price of Rs 12,000 apiece, implying a premium of more than 19% to the stock’s previous closing price.
