Shares of two-wheeler and three-wheeler maker Bajaj Auto rose 2% to Rs 10,268 on the BSE on Monday as investors positioned themselves ahead of the June 24 (Wednesday) record date for the company's largest-ever share buyback programme worth Rs 5,633 crore.
In May, Bajaj Auto's board approved a proposal to repurchase up to 46.94 lakh shares with a face value of Rs 10 each, representing 1.68% of its total paid-up equity capital. The buyback, with a maximum size of Rs 5,633 crore, will be carried out through the tender route at Rs 12,000 per share, a premium of over 19% to the stock's previous closing price.
