BSE raises share buyback price to ₹1,080; record date set for September 14

BSE has announced an upward revision of its share buyback offer price, coupled with the fixing of the record date for the buyback. The revised share buyback price now stands at ₹1,080 per share, marking a substantial increase from the previous ₹816 per share.

The BSE board has fixed the record date for the proposed share buyback at September 14, 2023. This date will serve as the reference point for determining the eligibility of shareholders who can participate in the buyback.

The new buyback price of ₹1,080 per share reflects a noteworthy 1.62% increase compared to the closing price of ₹1,062.75 per share on the day prior. Intriguingly, the stock price of BSE experienced a surge of more than 4%, reaching a 52-week high of ₹1,122.00 per share on the announcement day, which exceeds the raised buyback price.

The exchange revealed its decision in a regulatory filing, stating, "...the board approved… increase in the Buyback Offer Price from ₹816 per Equity Share to ₹1,080 per Equity Share, payable in cash, for an aggregate maximum amount not exceeding ₹374 crore."

Under the revised buyback plan, BSE will now repurchase 34.70 lakh equity shares, equivalent to a 2.56% stake in the company. This move follows a sharp rise of more than 50% in BSE's share price since the original buyback announcement.

Also Watch: BSE board approves ₹374.80 crore share buyback at ₹816/share