Shares of Bombay Stock Exchange (BSE) surged over 7% after the bourse announced on September 1 to increase the buyback offer price to Rs 1,080 from the earlier Rs 816. 

In an exchange filing, the BSE said that its board had approved the increase in the offer price for its proposed share buyback and also fixed the record date for the same. 

BSE plans to buy 34,70,370 equity shares, representing 2.56% of the total paid-up equity capital of the company, for a total consideration of approximately Rs 374 crore. Thursday, September 14, 2023, has been fixed as the record date to determine the entitlement and the names of the shareholders eligible to participate in the proposed buyback.

This comes after the recent surge seen in the company’s stock price. The stock has returned a whopping 85% since the date of the buyback announcement, i.e. July 3. The stock price has already climbed above the updated offer price. 

BSE shares closed the session on Friday at Rs 1,114.75, up 4.89% from the previous closing price on the National Stock Exchange (NSE). During the session, the scrip hit an all-time high of Rs 1,138.80. 

BSE had completed a Rs 166-crore open market share buyback at Rs 822 apiece (unadjusted price) in 2018 and a tender offer buyback worth Rs 460 crore again in 2019 at Rs 680 per share.