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  • 28 Jun 2022
  • ICICI Securities

Bajaj Auto board approves buyback through open market route

BAJAJ-AUTO - 4035 Change: 12.20 (0.30 %)

News: In a regulatory exchange filing Bajaj Auto informed about approval buyback of share amounting to Rs 2,500 crore (~9-10% of its last reported net-worth) at a maximum buy-back price of Rs 4,600/share through open market route. The company intends to acquire a minimum of ~2% of its existing outstanding shares.

Views: Although buyback is an investor friendly initiative wherein surplus cash on the company’s books is returned to shareholders in the absence of its optimum use, the buyback announced by Bajaj Auto falls short of our expectations both on the absolute quantum front as well the open market route of executing the same with current market price acting as a floor for the stock price.

Impact: Neutral

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