After the announcement of buyback of Rs 4,000 crore by Bajaj Auto, its shares reached a record high on Tuesday. The company’s board on Monday approved the buyback of 40 lakh shares. In terms of volume, the buyback is 1.41% of the total equity shares of the company. This buyback will be done through share tender.
This is the second share buyback of the company in the last two years, the company had done the previous buyback in July 2022, when Bajaj Auto had bought back shares worth Rs 2,500 crore at a maximum price of Rs 4,600/share.
Bajaj Auto shares rise
The company’s shares rose 1.76% to Rs 7,107. It has increased by 102% in the last 12 months. According to Bloomberg data, out of 26 analysts tracking the company, 12 suggested ‘BUY’ rating and 8 suggested ‘SELL’.
