BSE Share Buyback Price Soars 32% to Rs 1080; details inside including record date

Bombay Stock Exchange Limited, a prominent Indian stock exchange located in Mumbai, has made a significant announcement regarding its buyback in its latest exchange filing issued today. 

According to the information provided in the report, the company has raised its previously stated share buyback price from Rs 816 to Rs 1,080 each, representing an increase of over 32% from the previous buyback price. 

The company’s shares are trading at Rs 1,103 apiece on the NSE, whereas they opened the day at Rs 1,066.30, marking a 0.33% increase from the previous day’s closing price of Rs 1,062.75. The intraday high of Rs 1,106 surpassed the share buyback price of Rs 1,080, as informed by the company. 

The current market capitalisation of the company stands at Rs 14,952 crore, with 52-week highs and lows of Rs 1114 and Rs 406.20, respectively. 

Yesterday, the stock began trading above its all-time high of Rs 1,046.65, which was established on March 15, 2022, and closed above it. 

The increase in the buyback offer price from Rs 816 per Equity Share to Rs 1,080 per Equity Share, payable in cash, amounts to an aggregate maximum of Rs 3,74,80,00,000 (Indian Rupees Three Hundred Seventy-Four Crore and Eighty Lakhs only) for the buyback offer size, excluding any transaction costs, as stated in the filing. 

Furthermore, the record date is set for September 14, 2023, for the purpose of determining the entitlement and the names of the shareholders who will be eligible to participate in the proposed buyback. 

The number of Equity Shares to be repurchased at the revised buyback offer price is 34,70,370 with a face value of Rs 2 each, accounting for 2.56% of the total paid-up equity capital of the company as of March 31, 2023. 

BSE had announced a buyback last month at Rs 816 per share, to be carried out through the tender offer route. 

The shares of the company have gained about 28% since the company announced the buyback last month. Moreover, it has generated an impressive return of 84% in three months and a remarkable 121% in the last six months. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.