Bajaj Auto on Monday said it has commenced its Rs 2,500 share buyback programme. In a regulatory filing, the Pune-based company said the buyback initiative has begun with effect from July 4.
The company's board, at its meeting held on June 27, had approved the proposal for buyback of the fully paid-up equity shares of the company with a face value of Rs 10 each from existing shareholders, except promoters and promoter group, from the open market.
The buyback will be carried out at a price not exceeding Rs 4,600 per equity share and for an aggregate amount of up to Rs 2,500 crore, representing 9.61 per cent of the aggregate of the total paid-up share capital of the company, it had stated. Shares of the company were trading 0.43 per cent up at Rs 3,639.30 apiece on the BSE.