Bajaj Consumer board approves buyback plan of Rs 81 crore

On Friday, Bajaj Consumer Care announced that its board has approved a plan to repurchase shares worth Rs 81 crore in the open market.

In a filing with the stock exchange, Bajaj Consumer Care stated that "the board has approved the buyback of fully paid up equity shares having a face value of Re 1 each of the firm at a price not exceeding Rs 240 per equity share for an aggregate amount not exceeding Rs 80.89 crore."

The buyback plan's cap is 33 lakh shares, according to the statement.

In a share buyback or repurchase, a company typically pays more than market value to investors or shareholders to purchase its own shares. It is regarded as an alternate, tax-effective method of paying out dividends to shareholders.

Presently, international institutional investors own 11.51 percent of the company, while promoters and promoter groups own 38 percent.