Bajaj Auto slips nearly 4% on last day of automakers buyback offer
The board of Bajaj Auto had approved the buyback of 40 lakh shares (1.4 per cent) at a price of Rs 10,000. The record date for the buyback offer is February 29 (Thursday).
Bajaj Auto Buyback Offer: Bajaj Auto was trading down by nearly four per cent on BSE on Wednesday (February 28, 2024), which is also the last day to participate in the automaker's buyback offer. The stock was closed the trading session on Wednesday, down by 3.41 per cent, or Rs 288.95, at Rs 8,173.45.
The stock that closed at Rs 8462.40 on Tuesday started its trading session on Wednesday at Rs 8,478.95. It hit the day's low of Rs 8144.00, a 3.76 per cent fall from the closing price on Tuesday.
Bajaj Auto Buyback Offer
The record date for Bajaj Auto's buyback offer is February 29 (Thursday).
The board of Bajaj Auto approved the buyback of 40 lakh shares (1.4 per cent) at a price of Rs 10,000.
The buyback offer was approved through the tender offer route.
Bajaj Auto Buyback Offer: Category Acceptance Ratio (E)
Institutional 1.3%-1.5%
Retail 14%-15%
Zee Business research says that as much as 18 per cent profit is possible for investors on the acceptance of buyback.
Approval for the buyback offer was received from the board on January 8.
The buyback dates and the official acceptance ratio of Bajaj Auto are expected in the next 15 days.
It takes 3-3.5 months from board's approval for the buyback to the closure of buyback.
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