BSE stock surges 8% as bourse says board to consider share buyback on July 6

Leading stock exchange BSE Ltd on Monday announced that its board will meet on July 6 to consider a proposal on the buyback of shares, following which its stock rose 8 per cent in intra-day trade to Rs 658.4.

In a regulatory filing to the NSE, Asia's oldest bourse said, "Meeting of the board of directors is scheduled to be held on Thursday, July 6, 2023, to inter alia, consider and approve proposal for Buy back of fully paid equity shares of the company,"

Under a share buyback or repurchase, a firm buys back its own shares from investors or shareholders. The purpose of the buyback is price stability and ensuring investor confidence in the stock.

In 2018, BSE repurchased over 20 lakh shares for nearly Rs 166 crore under its buyback programme.