Shardul Amarchand Mangaldas & Co has advised Bajaj Auto on a strategic INR40 billion (USD481.5 million) buyback of up to 4 million shares.
Executive chairman Shardul Shroff and partner Yogesh Chande led the Shardul Amarchand Mangaldas team, with the support of senior associates Preeti Kapany and Debanik Bid, and associate Shweta Ojha. Partner Manan Mehta counselled on regulations under the Foreign Exchange Management Act (FEMA).
The buyback, with each share valued at INR10,000 apeice, was conducted from equity shareholders in proportion to their holdings, following the tender offer route as outlined by the Securities and Exchange Board of India (SEBI) Regulations of 2018.
The offer price was a premium of 50.09% and 50.04% above the stock’s closing price on both the BSE and NSE exchanges, respectively, as of the day before the board meeting on 2 January 2024, when the buyback was approved.
JM Financial and KFin Technologies were engaged as the managers and registrars, respectively, for the share buyback.
Bajaj is an Indian multinational automotive manufacturer of motorcycles, scooters and auto rickshaws based in Pune.
