Shares of BSE Ltd. hit record high on Friday after the exchange increased its buyback offer price by Rs 264 apiece and set Sept. 14 as the record date for determining the eligible shareholders for the buyback.
The buyback offer price was raised to Rs 1,080 from Rs 816 per equity share. The total size of the buyback is Rs 374.8 crore, according to its filing on the NSE.
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The total number of shares that will be bought back by the company stands at 34.70 lakh, representing 2.56% equity, according to the revised buyback offer price.
Shares of BSE Ltd. rose as much as 5.58% before paring gains to trade 4.80% higher at 11:15 a.m. compared to a 0.39% advance in the Nifty.
The stock has risen 105.4% on a year-to-date basis. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 84, implying that the stock may be overbought.
Of the six analysts tracking the company, three maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average of 12-month price target implies a downside of 15.8%.
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