Bajaj Auto to consider share buyback proposal on June 27

Automaker today announced that the company’s board would meet on June 27 to take a call on share buyback proposal.

“We wish to inform you that a meeting of the Board of Directors of the company is scheduled to be held on Monday, 27 June 2022, inter-alia to further deliberate on the proposal for buyback of fully paid-up equity shares of the company in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018,” the auto major said in an exchange filing.

The Pune-based company had earlier announced that its board would consider buyback on June 14, but the decision was eventually deferred.

A share buyback is a process when a company buys its outstanding shares to reduce the number of shares available in the open market.

If approved, this would be the first buyback by Bajaj Auto after 2000.

On Wednesday, Bajaj Auto shares ended marginally lower at Rs 3,635.65. Outperforming the market by a wide margin, the shares have gone up by almost 12 per cent year-to-date.

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