New Delhi: Auto parts maker Bosch has decided to buy back 8.78 lakh shares representing 2.796 per cent of the paid-up capital at 23,000 apiece as part of its decision to return surplus funds to shareholders. The company’s board has approved the buyback of 8,78,160 shares of the face value of Rs.10 each at a price of Rs.23,000 per share aggregating to Rs.2,019.76 crore from the shareholders, Bosch said in a regulatory filing.
The share buyback is subject to approval of the shareholders, it added. The company’s board, which met on Friday, also noted the intention of the promoter firm Robert Bosch GmbH to participate in the buyback, the company said.
The Bengaluru-based firm is a supplier of technology and services in the areas of mobility solutions, industry, consumer goods as well as energy. The Bosch group operates in India through nine companies. It has 14 manufacturing sites and seven development and application centres in the country. The company employs over 29,000 associates.