Bajaj Consumer board approves Rs 81 crore buyback plan

Bajaj Consumer Care on Friday said that its board approved a proposal to buyback shares worth Rs 81 crore via the open market route.

“The board has approved the buyback of fully paid up equity shares having a face value of Rs 1 each of the company at a price not exceeding Rs 240 per equity share for an aggregate amount not exceeding Rs 80.89 crore,” Bajaj Consumer Care said in an exchange filing.

The maximum shares to be bought back under the buyback plan is 33 lakh, it said.

In a share buyback or repurchase, a firm buys back its own shares from investors or shareholders usually at a price higher than the market price. It is considered an alternative, tax-efficient way to return money to shareholders.

Currently, promoters and promoter groups hold 38 percent stake in the company and foreign institutional investors hold 11.51 percent stake.

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