New Delhi: BSE Ltd on Tuesday said its board has approved plan to buyback shares worth Rs166 crore, a move that comes within one year of its listing.

“The board of directors of the company at its meeting held 15 January 2018 has inter alia approved the buyback proposal for purchase by the company of its fully paid-up equity shares of face value of Rs2 each from the shareholders or beneficial owners of the company," BSE said in a regulatory filing to the NSE.

The exchange will buyback around 1,509,090 shares at a price not exceeding Rs1,100 per share, it added. At a price of Rs1,100, it will be at 17% premium over Tuesday’s closing price of Rs939.35.

The share buyback announced by BSE represents 9.99% of the total paid-up equity capital of the company as of 31 March 2017.

“The buyback plan demonstrates the board’s confidence in our future, our commitment to delivering values to all of our stakeholders and strong balance sheets. The intention behind BSE’s buyback is two-fold — take cognisance of the views and requests from its international and domestic shareholders and improve BSE’s valuation for long term shareholders," its chairman S.Ravi said.

Last year, BSE had raised Rs1,243 crore by selling a total of 1.54 crore shares through an initial public offering. Its IPO had received an overwhelming response with a subscription of more than 51 times of the issue size.

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