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A share repurchase amounting to up to Rs2,500 crore, or 9.61% of the total paid-up share capital, has been authorized by the board of administrators of Bajaj Automobile, the company announced on Monday.

Bajaj Auto said in a filing to the BSE that a buyback rate not to exceed Rs4,600 experienced been accredited.

The buyback rate is higher by 20.64% about the closing selling price of Rs3,812.80 on Friday.

The enterprise stated that the share repurchase will be accomplished in the open sector utilizing a inventory trade system and would be for current shareholders only, excluding promoters, promoter groups, and any individual in command of the organization.

In accordance to the statement, it would account for 8.71% of the free reserves, which include the securities premium account.

The indicative maximum range of equity shares proposed to be acquired back, according to the company, would be 54,34,782 fairness shares, or approximately 1.88% of the paid out-up share capital of the Business as of 27 June 2022, topic to the current market value of the fairness shares getting equivalent to or fewer than the maximum buyback rate.

The maker continued, “If the equity shares are purchased at a selling price significantly less than the maximum buyback price, the genuine amount of equity shares to be purchased could be greater than the proposed buyback shares, but will normally be limited by the maximum buyback sizing.

The business stated that based mostly on the minimum amount buyback sizing and maximum buyback cost, the enterprise would order a minimum amount of 27,17,392 fairness shares. The corporation stated it will use at least 50% of the cash specified as the greatest buyback dimensions for the buyback, or Rs1,250 crore.

The business informed BSE that the organization board has founded a buyback committee and has provided it authority to carry out any functions, deeds, matters, or points that it could, in its sole discretion, deem vital, expedient, or good in link with the buyback.

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