BSE increases its buyback price to Rs 1,080 apiece, sets September 14 as record date

BSE buyback:  BSE on Friday (September 1) increased the buyback price from Rs 816 to Rs 1,080 apiece via a tender route. The company will buyback 34.7 lakh equity shares, representing 2.56 per cent of the total number of Equity Shares in the total paid-up equity capital of the company as on March 31, 2023.

The Record date for the buyback is fixed at September 14, 2023. The price represents a premium of 1.6 per cent over the closing price of the equity shares on the NSE on Thursday, August 31, 2023.

Buyback of shares or stock buyback refers to the corporate action where a company repurchases its own shares from existing shareholders.

Earlier, on July 6, the BSE board had approved a buyback offer for 45.9 lakh equity shares, representing 3.39 per cent of the total number of equity shares in the total paid-up equity capital of the company as of March 31, 2023.

Also Read: BSE board approves share buyback via tender route, price fixed at Rs 816 per share

As of 3:00 pm, the BSE stock was trading 5.59 per cent higher on NSE at Rs 1,122.15 apiece.

BSE in the June quarter logged a consolidated net profit of Rs 440 crore for the quarter ended June 2023. This is 11 times the exchange's net profit of Rs 40 crore reported in the same quarter last year.

Meanwhile, BSE's revenue from operations in the quarter increased by around 16 percent year-on-year to Rs 215.62 crore. The exchange's expenses jumped 11.6 per cent YoY to Rs 173.4 crore.

During Q1 FY24, BSE divested a 5 per cent stake in its associate company, Central Depository Services (India) Limited, to meet the requirements of SEBI directives. 

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