The Board of Directors of Bajaj Consumer Care Limited (the "Company") at its meeting held today, i.e., December 9, 2022, which commenced at 11:00 A.M. and concluded at 11:35 A.M., has considered and approved the proposal for buyback of fully paid up equity shares of the Company having a face value of INR 1/- (Indian Rupee One Only) ("Equity Shares" and such buyback "Buyback") from all shareholders/ beneficial owners of the Equity Shares of the Company, through the "open market" route, using mechanism for acquisition of shares through stock exchange, at a price not exceeding INR 240/- (Indian Rupees Two Hundred and Forty only) per Equity Share ("Maximum Buyback Price"), payable in cash, for an aggregate amount not exceeding INR 8,089.00 lakh (Indian Rupees eighty crore eighty ninety lakh only), excluding expenses to be incurred for the Buyback viz. brokerage costs, fees, turnover charges, taxes such as tax on buyback, securities transaction tax and goods and services tax (if any), stamp duty, printing and dispatch expenses, if any, filing fees, stock exchange charges, advisor/legal fees, public announcement publication expenses and other incidental and related expenses and charges (collectively referred to as "Transaction Costs") ("Buyback Offer Size").
The indicative maximum number of Equity Shares proposed to be bought back at the Maximum Buyback Size and Maximum Buyback Price under the Buyback would be 33,70,416 (Thirty three lakh seventy thousand four hundred sixteen Only) Equity Shares ("Maximum Buyback Shares") (representing approx. 2.28% which is less than 25% of the total number of Equity Shares in the paid-up equity capital of the Company as of March 31, 2022). If the Equity Shares are bought back at a price below the Maximum Buyback Price, the actual number of Equity Shares bought back could exceed the indicative Maximum Buyback Shares (assuming full deployment of the Maximum Buyback Size) but will always be subject to the Maximum Buyback Size and will also be not more than 25% of the total number of Equity Shares in the paid-up equity capital of the Company as of March 31, 2022.
The Company shall utilize at least 50% of the Maximum Buyback Size i.e., ₹ 4044.50 lakh (Indian Rupees Forty crore forty four lakh and fifty thousand Only) ("Minimum Buyback Size") for the Buyback, and based on the Minimum Buyback Size and the Maximum Buyback Price, the Company will purchase an indicative minimum of 16,85,208 (Sixteen lakh eighty five thousand two hundred and eight only) Equity Shares. The Buyback Offer Size represents 9.66% and 10% of the aggregate of the Company's fully paid-up equity capital and free reserves as per the latest standalone and consolidated audited financial statements of the Company, respectively, for the financial year ended March 31, 2022, which is not more than 10% of the aggregate of the total paid-up capital and free reserves of the Company in accordance with Regulation 4(i) of the Buyback Regulations read with proviso to Regulation 5(i)(b) of the Buyback Regulations.
The promoters of the Company cannot participate in the Buyback through open market as per the Buyback Regulations.
The Board has appointed Mr. Vivek Mishra, Head-Legal & Company Secretary as the Compliance Officer for the purposes of the Buyback.
The Board has also appointed ICICI Securities Limited, a SEBI Registered Merchant Banker, as the Manager to the Buyback.
Shares of Bajaj Consumer Care Limited was last trading in BSE at Rs. 178.15 as compared to the previous close of Rs. 177.75. The total number of shares traded during the day was 29051 in over 714 trades.
The stock hit an intraday high of Rs. 179.15 and intraday low of 177.30. The net turnover during the day was Rs. 5170095.00.