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Bajaj Auto will contemplate a buyback of its absolutely paid-up fairness shares, stated the corporate in a notification to the exchanges on Thursday.
The transfer will likely be mentioned within the assembly of the board of administrators on June 14.
The corporate final went for such a transfer in 2000, when shareholders accredited the buyback of as much as 18 million fairness shares at a value of Rs 400 every.
Bajaj has paid dividends to shareholders since FY08, with the quantity going up every year: from Rs 20 per share in FY08 to Rs 140 on the finish of FY22.
Its mixture dividend payout throughout the identical interval has risen from Rs 289 crore to Rs 4,051 crore on the finish of FY22, knowledge from Capitaline exhibits.
The corporate’s inventory is down 8.2 per cent within the final one yr. It has gained 19.3 per cent year-to-date.
Bajaj Auto shares closed at Rs 3,876.90 on the BSE on Thursday, up 2.21 per cent in comparison with Wednesday’s shut.
Share purchases by firms and promoters are seen as a constructive signal in regards to the administration’s confidence within the underlying fundamentals of the enterprise.
Whereas buybacks are widespread for IT firms, it’s uncommon for auto firms to go for a buyback. Aside from Bajaj Auto, the final buyback one was performed by Eicher Motors on 12 March 2009 for a proposed mixture quantity of Rs 97.46 crore fo 1.40 million shares.
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