Bajaj Auto buyback 2026: ex-date, record date, offer price

What the ex-date means for Bajaj Auto shareholders

Bajaj Auto Ltd is set to turn ex-date for its share buyback on Wednesday, June 24, 2026. The ex-date matters because it is tied to the record date used to decide which shareholders are eligible to tender shares in the buyback. With India’s T+1 settlement cycle, investors who want to be eligible need to buy the stock by June 23, 2026, so that the shares are credited in time. Investors buying on the ex-date typically do not get eligibility for corporate actions linked to the record date.

The company’s buyback is being conducted through the tender offer route, which requires eligible shareholders to actively tender shares during the window. Eligibility alone does not guarantee that all shares tendered will be accepted, because acceptance depends on entitlement and overall subscription.

Key dates: record date, last buying date, and tender period

Bajaj Auto has fixed Wednesday, June 24, 2026 as the record date for determining the entitlement and the names of equity shareholders and beneficial owners eligible to participate. Under T+1 settlement, June 23, 2026 is the last date to buy Bajaj Auto shares to qualify for the June 24 record date.

The tender period for the buyback offer will commence from Wednesday, July 1, 2026, which the company noted is no later than four working days from the record date. The buyback will remain open for five working days and close on Tuesday, July 7, 2026.

Buyback size, offer price, and share count

Bajaj Auto has approved a buyback of up to ₹5,633 crore via the tender route at a fixed price of ₹12,000 per share. The company aims to repurchase up to 46.94 lakh equity shares (4,694,000 shares). These shares are fully paid-up, have a face value of ₹10 each, and represent around 1.68% of the company’s total paid-up share capital.

The offer price implies a premium over the prevailing market level mentioned in the updates, with the stock cited as trading around ₹10,000. Depending on the reference point, the premium has been described as roughly 17% and also as above 18.9% to nearly 19.5% versus the prior close in different summaries.

Approvals and the sequence of decisions

The buyback proposal was approved by Bajaj Auto’s Board of Directors on May 6, 2026. It was subsequently approved by shareholders on June 18, 2026. After shareholder ratification, the Buyback Committee fixed June 24, 2026 as the record date and communicated the timeline through an exchange filing.

This sequence is important because it clarifies that the programme has moved from proposal stage to an execution schedule with defined eligibility and tender dates.

How the tender process works for demat and physical shares

Eligible shareholders can participate through their stock broker, whether they hold shares in demat form or in physical form. For demat shareholders, the process includes informing the broker about how many shares they wish to tender, after which the tendered shares are transferred to a special account of the clearing corporation. The broker then places an order on the stock exchange for the buyback.

For shareholders holding physical share certificates, the steps are more document-heavy. They must approach the broker with original share certificates and supporting documents. After verification, the broker places an order on the stock exchange and submits the original share certificate and the Transaction Registration Slip (TRS) to the registrar. The tender form and TRS are optional in the case of demat shares but mandatory for physical shares, as specified.

Letter of Offer: dispatch method and what to do if it is not received

Bajaj Auto said eligible shareholders will receive a Letter of Offer along with a tender form indicating their entitlement. The dispatch will be through electronic mode only, within two working days from the record date (June 24). If an eligible shareholder requires a physical copy, a request must be sent to the company or the registrar to the buyback, KFin Technologies Limited.

The company also clarified that even if a shareholder does not receive the Letter of Offer or the tender form, they may still participate and tender shares in the buyback.

Participation is voluntary and additional shares can be tendered

The company reiterated that participation in the buyback is voluntary. Shareholders can participate in part or in full and receive cash for shares accepted under the buyback. Alternatively, they may choose not to participate and see a resultant increase in their percentage shareholding after completion of the buyback, without any additional investment.

Bajaj Auto also noted that eligible shareholders have the option to tender additional shares over and above their entitlement, to participate in any shortfall created if other eligible shareholders do not participate. However, the maximum number of shares that can be tendered by any eligible shareholder cannot exceed the number of shares held as on the record date.

Retail category: ₹2 lakh cap and the 17-share reference

Market regulations reserve 15% of the total buyback size for the small shareholder category. The updates cited this as around 7.04 lakh shares reserved for retail. To qualify for this category, an investor’s total holding value must not exceed ₹2 lakh on the record date.

Based on the buyback price of ₹12,000 per share, analysts have calculated that holding a maximum of 17 shares keeps an investor within the ₹2 lakh threshold (17 x ₹12,000 = ₹2,04,000, so the guidance was framed as “to safely remain” within the cap). This matters because the retail bucket can influence entitlement and acceptance dynamics.

Acceptance ratios and what investors should realistically expect

One note in the updates described a “theoretical entitlement ratio” of about 4.5% to 5%, implying investors should not expect a high acceptance ratio. Another scenario described an “optimistic 55% view”, where if acceptance were 55%, an investor tendering 17 shares would have 9 shares accepted at ₹12,000 and retain 8 shares, with the market price assumed to remain around ₹10,000. That scenario estimated a total return of roughly 10.6%.

Analyst commentary in the updates reflected both opportunity and caution. Srivastava said participation may be worthwhile for small investors who stay within the ₹2 lakh limit, calling it a low-risk special situation given Bajaj Auto’s strong balance sheet and cash generation, while also warning against buying solely for arbitrage due to limited acceptance. Mahesh M Ojha, VP Research and Business Development at Kantilal Chhaganlal Securities, said investors may consider participating because it offers a chance to tender shares at a premium to the prevailing market price.

Key facts at a glance

Conclusion

Bajaj Auto’s buyback is now at the eligibility stage, with June 24, 2026 set as both the ex-date and record date and June 23 as the last purchase date under T+1 settlement. The tender offer window is scheduled from July 1 to July 7, 2026, and eligible shareholders will be able to tender through their brokers even if they do not receive the Letter of Offer in time. The next operational milestone is the start of the tender period, after which shareholders will see final acceptance based on entitlement and overall participation.