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BSE, the country’s oldest stock exchange, has revised the buyback offer price to ₹1,080 a share against ₹816. The revised offer size has been fixed at ₹375 crore and the it will close on September 14.
The exchange intends to buyback 34,70,370 equity shares, representing 2.56 per cent of the paid-up equity capital of the company as on March-end.
However, the exchange may get a lukewarm response even for the revised offer prices as the stocks closed at a premium to offer price at ₹1,115 a share on Friday.
Last month, BSE had announced a buyback at ₹816 per share through the tender offer route. The total consideration for the buyback was ₹374 crore. Based on the revised offer, the company will be buying back 34.7 lakh equity shares.
Since the exchange announced the buyback, shares of BSE have risen 30 per cent. The stock is currently trading at a record high.
Previous buybacks
Earlier in 2018, BSE had completed a ₹166-crore open market share buyback at ₹822 apiece. Later, in 2019, the stock exchange did a tender offer buyback shares worth ₹460 crore, when it repurchased its shares at ₹680 apiece.
Last year, BSE had also declared a 2:1 bonus issue, which meant that it issued two bonus shares for every one share held. The stock has been trading ex-bonus since March 2022. The stock exchange had also declared a dividend of ₹13.5 per equity share for fiscal year 2023.
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