Bajaj Auto nears record date for Rs 5,633 crore share buyback at 19% premium. Should you participate?

Bajaj Auto has set June 24 as the record date for its Rs 5,633 crore share buyback via the tender route at Rs 12,000 per share, a premium of around 19% to the previous closing price. The buyback covers up to 46.94 lakh shares (1.68% of paid-up capital), with 15% reserved for small shareholders worth about Rs 844.92 crore. Promoters are not participating, and analysts estimate an acceptance ratio of around 11% for retail investors under the reserved category.