The board of Bajaj Auto, a leading two-wheeler manufacturer, has deferred its decision on the share buyback proposal.
Lats week the company had announced the Board of Directors meet on June 14 to consider buyback proposals for fully paid-up equity shares.
“The Board of Directors of the company at its meeting held on June 14, 2022, has decided that further deliberations are required to take a decision on the proposal of buyback, and accordingly deferred the matter,” Bajaj Auto stated in a statement.
The company’s stock fell 4.71 per cent to close at ₹3,697 apiece on the BSE
The last buyback happened in 2000 when shareholders approved the buyback of up to 1.8 crore equity shares at a price of ₹400 per share.
As on March 31, 2022, surplus cash and cash equivalents with the company stood at ₹19,090 crore, after a dividend payout of ₹4,051 crore.