Shares of Bosch Limited fell nearly 2.5 per cent to Rs 22,125 after the share buyback price announced by the auto component major disappointed investors.
Bosch had announced after market hours on Friday that its board had approved the buyback of 8.78 lakh equity shares representing 2.79 per cent of the total paid-up equity share capital at a price of Rs. 23,000 per share.
The buyback will be done on a proportionate basis through the tender offer and will cost Bosch nearly Rs 2,000 crore.
As on March 31, 2016, promoters held 71.18 per cent stake in Bosch while the public held 28.82 per cent.
The buyback price was however just 1.4 per cent higher than the Friday's closing price of Rs 22,684.
At 11 a.m., shares of Bosch were down nearly 2 per cent at Rs 22,196 as compared to a 0.75 per cent gain in Nifty50 index.
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