Bajaj Auto buyback record date nears. Should you participate in ₹5,633 crore share repurchase deal?

Bajaj Auto's board has approved its largest-ever share buyback worth up to Rs 5,633 crore through the tender offer route at Rs 12,000 per share, a premium of over 19% to the previous closing price. The buyback covers up to 46.94 lakh equity shares, representing 1.68% of paid-up equity capital, with 24 June 2026 fixed as the record date. The stock gained around 2.5% ahead of the record date, though analysts flagged that the limited buyback size and small retail entitlement ratio of 4.5-5% suggest modest acceptance and limited arbitrage upside for new retail investors.