Auto components firm Bosch on Friday said it has bought back 8.78 lakh shares for R2,019 crore in a filing to Sebi as a part of a share buyback offer which began on October 6.
In July,the company’s board had approved a proposal to buyback shares, subject to the approval of shareholders, for an aggregate amount not exceeding R2,019 crore at a price of not more than R23,000 per share through a tender offer.
The company said, post buyback, the promoters holding in the firm declined to 70.49% from 71.18%, while public holding has increased to 29.51 % from 28.82 %.
On Friday, the stock was down by 0.08 % at R21,509 on the BSE. A combined 13,958 shares changed hands on the counter on the BSE and NSE on Friday. The firm has cash and equivalents of R1,832 crore as on March 31,2016 .
According to Sebi rules, a company can buy back shares either from its existing shareholders on a proportionate basis through a tender offer, the open market or odd lot holders. In the case of a tender offer, the company has to deposit 25% of the consideration in the escrow account if the consideration does not exceed R100 crore.