On July 6, the BSE Board will consider a share buyback; the stock rises 7%

Leading stock exchange BSE revealed on Monday that its board will get together on July 6 to discuss a share purchase proposal.

Following the announcement, shares of BSE increased 7% during regular trading hours on the National Stock Exchange (NSE) to Rs 651.65 per share.

The board of directors meeting is planned to take place on Thursday, July 6, 2023, to review and approve a proposal for the buyback of fully paid equity shares of the firm, according to a regulatory filing to the NSE, Asia’s oldest stock exchange.

A company can buy its own shares back from shareholders or investors through a share buyback or repurchase. Price stability and maintaining investor trust in the stock are the goals of the buyback.

Earlier this year, BSE used its buyback scheme to repurchase over 20 lakh shares for just under Rs 166 crore.