|
13 Equity share capital |
||||||||
|
(₹ In Crore) |
||||||||
|
Particulars |
As at 31 March 2024 |
As at 31 March 2023 |
||||||
|
Nos. |
₹ In Crore |
Nos. |
₹ In Crore |
|||||
|
|
||||||||
|
Authorised |
300,000,000 |
300.00 |
300,000,000 |
300.00 |
||||
|
Issued, subscribed and fully paid-up shares |
279,179,756 |
279.18 |
282,957,358 |
282.96 |
||||
|
279,179,756 |
279.18 |
282,957,358 |
282.96 |
|||||
a. Reconciliation of the shares outstanding at the beginning and at the end of the year
|
Particulars |
As at 31 March 2024 |
As at 31 March 2023 |
||||||
|
Nos. |
₹ In Crore |
Nos. |
₹ In Crore |
|||||
|
|
||||||||
|
Equity shares |
||||||||
|
At the beginning of the year |
282,957,358 |
282.96 |
289,367,020 |
289.37 |
||||
|
Issued during the year |
222,398 |
0.22 |
– |
– |
||||
|
Bought back during the year* |
(4,000,000) |
(4.00) |
(6,409,662) |
(6.41) |
||||
|
Outstanding at the end of the year |
279,179,756 |
279.18 |
282,957,358 |
282.96 |
||||
For the year ended on 31 March 2024
* The Board of Directors at its meeting held on 8 January 2024 approved a proposal to buyback fully paid up 40,00,000 equity shares of the Company having a face value of ₹ 10 each at a price of ₹ 10,000 per equity share, on proportionate basis, for an aggregate amount not exceeding ₹ 4,000 crore through tender offer process in accordance with Companies Act, 2013 and rules made thereunder, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the ‘SEBI Buyback Regulations’) as amended. The buyback issue opened on 6 March 2024 and closed on 13 March 2024 (both days inclusive).
The buyback outlay aggregated to ₹ 4,932 crore (including tax on buyback). In accordance with relevant statutory provisions, the Company has created a capital redemption reserve of ₹ 4 crore, equal to the nominal value of shares bought back, as an appropriation from retained earnings.
The Buyback Committee of the Company, at its meeting held on 27 March 2024, approved the completion and closure of the buyback.
For the year ended on 31 March 2023
* The Board of Directors at its meeting held on 27 June 2022 approved a proposal to buyback fully paid-up equity shares of the Company having a face value of ₹ 10 each from the existing shareholders (except promoters, promoter group and persons in control of the Company) from open market through stock market mechanism (i.e. through National Stock Exchange of India Ltd. and BSE Ltd.) at a maximum buyback price not exceeding ₹ 4,600 per equity share and maximum buyback size up to ₹ 2,500 crore.
In this regard, the Company bought back 6,409,662 number of equity shares from the stock exchange at a volume weighted average buyback price of ₹ 3,900.31 per share comprising 2.22% of the pre-buyback number of shares of the Company. The buyback resulted in a cash outflow of ₹ 2,499.97 crore (excluding transaction cost and tax on buyback). An amount of ₹ 582.39 crore was paid towards tax on buyback. In accordance with relevant statutory provisions, the Company has created a capital redemption reserve of ₹ 6.41 crore, equal to the nominal value of shares bought back, as an appropriation from retained earnings.
The Buyback Committee of the Company, at its meeting held on 10 October 2022, approved the completion and closure of the buyback.
b. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of ₹ 10 per share. Each holder of equity shares is entitled to one vote per share. The interim dividend declared by the Board of Directors; and the final dividend proposed by the Board of Directors and approved by the shareholders in the annual general meeting is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Details of shareholders holding more than 5% shares in the Company
|
Particulars |
As at 31 March 2024 |
As at 31 March 2023 |
||||||
|
Nos. |
% Holding |
Nos. |
% Holding |
|||||
|
|
||||||||
|
Equity shares of ₹ 10 each fully paid |
||||||||
|
Bajaj Holdings & Investment Ltd. |
95,547,251 |
34.22% |
96,727,050 |
34.18% |
||||
|
Jamnalal Sons Pvt. Ltd. |
25,960,841 |
9.30% |
26,281,400 |
9.29% |
||||
d. Shareholding of promoters
|
Promoter name |
No. of shares |
% of total shares |
% change during the year* |
|||
|
|
||||||
|
For 2023-24 |
||||||
|
Shekhar Bajaj |
6,020 |
0.00% |
0.00% |
|||
|
Madhur Bajaj |
197,561 |
0.07% |
0.00% |
|||
|
Niraj Bajaj |
42,103 |
0.02% |
0.00% |
|||
|
Rajiv Bajaj |
745,001 |
0.27% |
0.00% |
|||
|
Sanjiv Bajaj |
323,233 |
0.12% |
0.00% |
|||
|
Bajaj Holdings & Investment Ltd. |
95,547,251 |
34.22% |
0.04% |
* There is a change in number of shares held and percentage of shareholding by the Promoters. This is pursuant to reduced capital on account of buyback of 4,000,000 equity shares of the Company made during the year.
|
Promoter name |
No. of shares |
% of total shares |
% change during the year* |
|||
|
|
||||||
|
For 2022-23 |
||||||
|
Shekhar Bajaj |
6,020 |
0.00% |
0.00% |
|||
|
Madhur Bajaj |
200,000 |
0.07% |
0.00% |
|||
|
Niraj Bajaj |
42,622 |
0.02% |
0.00% |
|||
|
Rajiv Bajaj |
754,200 |
0.27% |
0.01% |
|||
|
Sanjiv Bajaj** |
327,224 |
0.12% |
0.00% |
|||
|
Bajaj Holdings & Investment Ltd. |
96,727,050 |
34.18% |
0.75% |
* No changes in the number of shares held by the Promoters; However, percentages of holdings have changed pursuant to reduced capital on account of buyback of 6,409,662 equity shares of the Company made during the year.
** Sanjiv Bajaj also holds 1,048,796 shares as Executor for the Estate of Late Shri Rahul Bajaj