Indian Energy Exchange sells 4.93% stake in IGX to IOCL for over 3.69cr; Stock under pressure

Indian Energy Exchange Limited has executed a Share Purchase Agreement by and between IEX, Indian Oil Corporation Limited (A Government of India Undertaking) (IOCL), and Indian Gas Exchange Limited (IGX), subsidiary of the IEX, for sale of a 4.93% stake in IGX to IOCL consisting of 36,93,750 equity shares, having a face value of Rs10 each, aggregating to Rs3,69,37,500.

After the stake sale transaction of shares by the company, the shareholding of Indian Energy Exchange Limited (IEX) in the said subsidiary company has reduced and the said transaction has resulted in cessation of Holding-Subsidiary Relationship between Indian Energy Exchange Limited & Indian Gas Exchange Limited.

IGX is an authorised Gas Exchange, regulated by the Petroleum and Natural Gas Regulatory Board. The turnover of IGX for the financial year ending March 31, 2021 is Rs0.74cr. Net-worth of IGX as on March 31, 2021 is Rs63.55cr.