BSE falls 5% as board approves share buyback via open market

The stock dipped 5% to Rs 931 on NSE after the company announced that its board approved the buyback of shares at a price not exceeding of Rs 1,100 from the open market

BSE dipped 5% to Rs 931 on the National Stock Exchange (NSE) after the company announced that its board approved the buyback of shares at a price not exceeding of Rs 1,100 from the open market through stock exchange mechanism.

“The buyback shall not exceed Rs 166 crore. The maximum buyback size represents 9.99% of the aggregate of the company’s paid up equity share capital and free reserves as at March 31, 2017, “ BSE said in a regulatory filing.

The intention behind the BSE’s buyback is to take cognizance of the views and requests from its international