BSE board approves buyback of up to Rs 374.80 crore

The board of Bombay Stock Exchange (BSE) on Thursday approved a share buyback worth up to Rs 374.80 crore at a price of Rs 816 per share.

The buyback will be carried out through a tender route and the record date will be decided by the buyback committee.

“The resultant equity shares to be bought back at the buyback offer price are 45,93,137 equity shares, representing 3.39% of the total number of equity shares in the total paid-up equity capital of the company as on March 31, 2023,” BSE said in an exchange filing.

BSE’s stock settled 3.68% higher at Rs 705.40 on Thursday and has risen nearly 27% on a year-to-date basis.

As per the filing, the buyback offer size represents 25% and 19.64% of the aggregate of the company’s paid-up equity capital and free reserves as per the audited financial statements of the company for FY23.

BSE reported a 24% jump in net profit to Rs 88.61 crore for the March quarter compared with Rs 71.52 crore in the same quarter of the preceding year. Revenue from operations rose 10% to Rs 815.53 crore in FY23 as against Rs 743.15 crore in the year-ago period. BSE declared a final dividend of Rs 12 per equity share for financial year 2022-23.

Nuvama Wealth Management has been appointed manager to the buyback. The buyback offer is subject to the approval of shareholders by way of a special resolution at the ensuing annual general meeting, and other applicable statutory approvals.