Chennai,  The board of Bajaj Auto Ltd on Monday approved the proposal for buyback of fully-paid equity shares from non-promoter shareholders and persons in control of the company from the open market for a price not exceeding Rs 4,600 per share.

In a regulatory filing, Bajaj Auto said that its board has approved the buyback of equity shares with a face value of Rs 10 each for a price not exceeding Rs 4,600 per share and the aggregate amount not to exceed Rs 2,500 crore.

The share buyback represents 9.61 per cent and 8.71 per cent of the aggregate of the total paid-up share capital and free reserves (including securities premium account), Bajaj Auto said.

A Buyback Committee has been formed to carry out the task.