BSE share buyback gets board nod; offer price for Rs 375 crore issue set at Rs 816 per share
BSE said the buyback offer size represents 25 per cent of the aggregate of the company’s paid-up equity capital and and 19.64 per cent of the free reserves.
- Jul 6, 2023,
- Updated Jul 6, 2023 4:01 PM IST
The board of BSE on Thursday approved a share buyback proposal, aggregating Rs 374.80 crore, at a price of Rs 816 per share through tender route. BSE said it would buy back up to 45,93,137 shares, representing 3.39 per centof the total number of equity shares in the total paid-up equity capital of the company as on March 31.
Following the development, the stock closed at Rs 705.40, up 3.68 per cent on NSE. With this, the BSE stock has risen 27 per cent year-to-date.
The buyback offer size represents 25 per cent of the aggregate of the company’s paid-up equity capital and and 19.64 per cent of the free reserves, as per the audited standalone financial statements and audited consolidated financial statements for FY23. Besides, the buyback offer price represents a premium of 34.09 per cent over the closing price of the equity shares on NSE on Friday, June 30, being the day preceding the date when intimation for the board meeting was sent to NSE.
The buyback offer is subject to the approval of the shareholders by way of a special resolution at the ensuing eighteenth annual general meeting and all other applicable statutory approvals.
Also read: Infosys shares: Can Q1 results give worst Nifty stock performer some relief?
Also read: CLSA's India Bull-Bear index shows 96% bullish reading for market
The board of BSE on Thursday approved a share buyback proposal, aggregating Rs 374.80 crore, at a price of Rs 816 per share through tender route. BSE said it would buy back up to 45,93,137 shares, representing 3.39 per centof the total number of equity shares in the total paid-up equity capital of the company as on March 31.
Following the development, the stock closed at Rs 705.40, up 3.68 per cent on NSE. With this, the BSE stock has risen 27 per cent year-to-date.
The buyback offer size represents 25 per cent of the aggregate of the company’s paid-up equity capital and and 19.64 per cent of the free reserves, as per the audited standalone financial statements and audited consolidated financial statements for FY23. Besides, the buyback offer price represents a premium of 34.09 per cent over the closing price of the equity shares on NSE on Friday, June 30, being the day preceding the date when intimation for the board meeting was sent to NSE.
The buyback offer is subject to the approval of the shareholders by way of a special resolution at the ensuing eighteenth annual general meeting and all other applicable statutory approvals.
Also read: Infosys shares: Can Q1 results give worst Nifty stock performer some relief?
Also read: CLSA's India Bull-Bear index shows 96% bullish reading for market