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Business News/ Companies / Bosch board approves share buyback for over Rs2,000 crore
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Bosch board approves share buyback for over Rs2,000 crore

Auto components major Bosch will buy back 8.78 lakh shares, about 24.99% of the paid-up capital of the company, for Rs2,019.76 crore

Photo: Aniruddha Chowdhury/MintPremium
Photo: Aniruddha Chowdhury/Mint

New Delhi: Auto components major Bosch Ltd will buy back 8.78 lakh shares, about 24.99% of the paid-up capital of the company, for 2,019.76 crore.

The company’s board has approved the buyback of 8,78,160 shares of the face value of 10 each at a price of 23,000 per share aggregating to 2,019.76 crore from the shareholders, Bosch said in a regulatory filing.

The share buyback is subject to approval of the shareholders, it added.

The company’s board, which met on Friday, also noted the intention of the promoter firm Robert Bosch GmbH to participate in the buyback, the company said.

The Bengaluru-based firm is a supplier of technology and services in the areas of mobility solutions, industry, consumer goods as well as energy.

The Bosch group operates in India through nine companies. It has 14 manufacturing sites and seven development and application centres in the country. The company employs over 29,000 associates.

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Published: 02 Jul 2016, 12:28 AM IST
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