Bajaj Auto Limited (NSEI:BAJAJ-AUTO) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 1.41% of its share capital, for INR 40,000 million. The offer price will be INR 10,000 per share.

The purpose of the program is to return surplus cash to shareholders in an effective and efficient manner, which in turn will improve its earnings per share and return on equity. The program will be funded from the free reserves and/or such other source as may be permitted by the Buyback Regulations or the Act. The Buyback is subject to approval of the shareholders by means of a special resolution through a postal ballot.

The company has fixed February 29, 2024, as the record date. The offer will be valid till March 13, 2024. As of January 5, 2024, the company had 283,179,756 shares in outstanding.