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.
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.