BSE Approves Share Buyback Plan Worth Up To ₹375 Crore
The Bombay Stock Exchange (BSE Ltd), the oldest stock exchange in India, has announced a share buyback plan. The company’s board of directors has approved the buyback of shares worth up to ₹374.80 crore.
The buyback will be conducted through a tender offer, where existing shareholders can sell their shares back to the company at a specified price. The record date for the buyback will be decided by a buyback committee.
The price for the share buyback has been set at ₹816 per share, which is approximately 20% higher than the closing price of the company’s shares on the previous day.
The total number of shares to be bought back is 45,93,137 equity shares, representing 3.39% of the company’s total paid-up equity capital as of March 31, 2023.
The board of directors has appointed Nuvama Wealth Management Limited as the manager for the buyback. The buyback offer is subject to approval from the shareholders at the upcoming annual general meeting and other necessary regulatory approvals.
As of now, the shares of BSE are trading 1.06% higher at ₹687.55 per share on the National Stock Exchange (NSE).
BSE has announced that it will be considering a buyback during its board meeting on 6th July, 2023. Nuvama Wealth Management Limited has been appointed as the manager for the buyback plan.
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However, the buyback offer is still subject to approval from shareholders at the upcoming annual general meeting and other necessary statutory approvals. As of now, BSE shares are trading at a price of ₹687.55 per share on the NSE (National Stock Exchange).
