On Monday, the board of directors of Bajaj Auto Ltd approved a proposal to buy back fully-paid equity shares in the open market from non-promoter shareholders and persons in control of the company for a price not exceeding Rs 4,600 per share.
Bajaj Auto stated in a regulatory filing that its Board of Directors has approved the buyback of equity shares with a face value of Rs 10 each for a price not exceeding Rs 4,600 per share and an aggregate amount not exceeding Rs 2,500 crore. According to Bajaj Auto, the share buyback represents 9.61 percent of total paid-up share capital and 8.71 percent of free reserves (including securities premium account). A Buyback Committee has been formed to carry out the task.
Recently Bajaj Auto stated that it aims to be a leader in the export of e-two-wheelers from India, just as it does for petrol motorbikes. India's largest motorcycle exporter sells models in more than 70 countries.
Over the next few years, its wholly-owned subsidiary Chetak Technology will build a portfolio of electric motorcycles. Rakesh Sharma, Managing Director of Bajaj Auto, has brought Bajaj Auto to overseas markets. He is currently busy planning a similar growth path for Chetak Technology. Chetak aims to create a portfolio of e-two-wheeler models by meeting diverse needs and providing a vibrant customer profile.