Bajaj Auto trades ex-buyback, stock falls 4%

As per analysts at Nuvama, the acceptance ratio of the share buyback could be in the range of 4-10 percent; the buyback is likely to be completed within the next 15 days

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Shares of Bajaj Auto fell around 4 percent in early trade on February 29 as they traded ex-buyback. The company’s board had approved a Rs 4,000-crore share buyback in January, the record date for which was on February 28.

At 11.18 am, shares of Bajaj Auto were trading at Rs 7,982.15 on the NSE.

The company had announced buyback 40 lakh shares, or 1.4 percent stake, at a price of Rs 10,000 per share. The floor price of the buyback sits at a premium of 18 percent to the current market price. The buyback will happen through the tender offer route.

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However, given the smaller size of buyback and higher retail shares, acceptance ratio is expected to be lower. As per analysts at Nuvama, the acceptance ratio could come in the range of 4-10 percent. Those with investments of up to Rs 2 lakh are treated as retail investors.

The buyback is likely to be completed within the next 15 days.

This also marks Bajaj Auto’s second share buyback in two years. Previously, the two-wheeler company repurchased shares worth Rs 2,500 crore from stakeholders at Rs 4,600 per share. Meanwhile, the company is also on the path to end FY24 with a cash balance of Rs 20,000 crore, providing it the headroom to reward investors and stage the buyback.

Shares of the two-wheeler company have more than doubled in the past year, even hitting an all-time high of Rs 8,650 this month.

Also Read | Bajaj Auto board approves Rs 4,000-crore share buyback at Rs 10,000 per share

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