BSE shares soar 7 percent after buyback offer price raised to Rs 1,080

BSE Limited shares surged nearly 7 percent on September 1 after the company announced an increased buyback offer price of Rs 1,080 — a significant 32% rise over the Rs 816 announced earlier.

The recent surge in the stock’s price is being seen as the reason for the revised buyback offer price. At 11:30 am on September 1, BSE shares hit a fresh 52- week high and was trading up 6.6 percent at Rs 1133. The buyback price remains lower than the current market price.

BSE’s revised buyback offer price amounts to a total consideration of Rs 374 crore. “The offer price is payable in cash, for an aggregate maximum amount not exceeding Rs 374 crore (excluding any Transaction Cost)” said the BSE filing. The shareholders eligible to participate in the buyback shall now be revealed on the set record date of September 14 2023.

Through the buyback, BSE aims to re- acquire a 2.56 percent of the total number of Equity Shares in the total paid-up equity capital of the Company as on March 31, 2023. This amounts to 34,70,370 Equity Shares reported the company.

The company intimated the exchanges of the buyback in July 2023. Since then, the stock has rallied nearly 60 percent.