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Business News/ Markets / Stock Markets/  Smallcap FMCG Bajaj-Group company declares buyback plan to repurchase 57.41 lakh shares at 11% premium
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Smallcap FMCG Bajaj-Group company declares buyback plan to repurchase 57.41 lakh shares at 11% premium

Bajaj Consumer Care announced its March quarter results today and the board has approved the proposal for the buyback of 57.41 lakh equity shares of face value Re 1 each

Bajaj Consumer Care products on display (Picture credits: https://bajajconsumercare.com/ )Premium
Bajaj Consumer Care products on display (Picture credits: https://bajajconsumercare.com/ )

Bajaj Consumer Care Buyback: Bajaj Consumer Care announced announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Wednesday, May 8, and declared its new buyback plan in which it seeks to repurchase its own shares at a premium of 11 per cent against today's closing price of 260.

The smallcap fast-moving consumer goods (FMCG) company's board approved the company's proposal for a buyback aggregating up to 166.49 crore of fully paid up equity shares of up to 57.41 lakh at a price of 290 per unit. This will be payable in cash for the said amount. 

Also Read: Bajaj Finance share price jumps over 7% after RBI lifts restrictions on its eCom and Insta EMI Card

The approved buyback is of up to 57,41,000 equity shares of the the Bajaj-Group company representing 4.02 per cent of the total number of equity shares, which will be brought back from the equity shareholders as on the record date.

‘’The buyback offer size represents 19.25 per cent and 20 per cent of the aggregate of the company’s fully paid-up equity capital and free reserves based on both latest standalone and consolidated audited financial statements of the company, respectively, for financial year ended on March 31, 2024, which is less than 25 per cent of the aggregate of the total paid-up capital and free reserves,'' said Bajaj Consumer Care in a regulatory filing to the stock exchanges.

Also Read: Bajaj Holdings Q4 results: Net profit doubles to 2716.1 crore, dividend declared

Bajaj Consumer Care Q4 Results

Bajaj Consumer Care reported a 12 per cent decline in consolidated net profit to 35.58 crore for the fourth quarter ended March 2024. The company had posted a consolidated net profit of 40.46 crore in the same quarter of the previous fiscal, said Bajaj Consumer Care in its exchange filing.

The Bajaj Almond Hair Oil manufacturer's consolidated total revenue from operations during the quarter under review stood at 239.96 crore against 249.42 crore in the year-ago period. The company's total expenses declined to 208.08 crore in the fourth quarter from 210.33 crore a year ago.

Earlier in 2022, the company had announced a 80.89 crore buyback at a price of 240 per share through the open market route. Shares of Bajaj Consumer Care have given 12.78 per cent returns to investors in the past one month and 49.05 per cent in the past one year. This was against Nifty50's average returns of -0.94 per cent in the past one month and 23.43 per cent in the last one year.

Ahead of the announcement of Q4FY24 results, shares of Bajaj Consumer Care settled 1.18 per cent higher at 260.55 apiece on the BSE. The 30-share Sensex benchmark settled around 50 points lower at 73,466.39 by the closing.

 

 

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 08 May 2024, 06:37 PM IST
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