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HomeLaw firmsDeals and TransactionsSAM Advises Bajaj Auto on $481.5 Million Strategic Share Buyback

SAM Advises Bajaj Auto on $481.5 Million Strategic Share Buyback

Shardul Amarchand Mangaldas & Co (SAM) has counseled Bajaj Auto on a strategic INR 40 billion (USD 481.5 million) buyback of up to 4 million shares.

The legal team of SAM included Executive Chairman Shardul Shroff and Partner Yogesh Chande, with support from Senior Associates Preeti Kapany and Debanik Bid, and Associate Shweta Ojha. Partner Manan Mehta provided regulatory guidance under the Foreign Exchange Management Act (FEMA).

The buyback of Bajaj Auto was executed through the tender offer route as per the Securities and Exchange Board of India (SEBI) Regulations of 2018. Each share was valued at INR 10,000, representing a premium of over 50% above the closing prices on the BSE and NSE as of January 1, 2024, the day before the board approved the buyback. JM Financial and KFin Technologies served as the managers and registrars for the transaction.

About Bajaj Auto

Bajaj Auto, headquartered in Pune, India, is a leading multinational automotive manufacturer with a rich history dating back to its founding in 1945. The company is renowned for producing motorcycles, scooters, and auto rickshaws, making it a significant player in the global automotive market. Bajaj Auto is part of the Bajaj Group, one of India’s top business conglomerates, and is known for its innovation, robust product lineup, and extensive market reach. The company has a strong presence in over 70 countries, with its products being well-received in markets across Asia, Africa, Latin America, and the Middle East. Bajaj Auto’s commitment to quality and technological advancement has solidified its reputation as a leader in the two-wheeler and three-wheeler segments.

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