Bajaj Consumer board approves Rs 81 crore buyback plan

Bajaj Consumer Care on Friday said that its board approved a proposal to buyback shares worth Rs 81 crore via the open market route.

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

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The maximum shares to be bought back under the buyback plan is 33 lakh, it said.

In a share buyback or repurchase, a firm buys back its own shares from investors or shareholders usually at a price higher than the market price. It is considered an alternative, tax-efficient way to return money to shareholders.

Currently, promoters and promoter groups hold 38 percent stake in the company and foreign institutional investors hold 11.51 percent stake.