Indian Energy Exchange to get shareholder approval for Rs 98 crore buyback

1 Dec 2022 , 09:19 AM

Indian Energy Exchange plans to get shareholder approval via postal ballot for a share buyback worth up to Rs98 crore.

At its meeting on November 25, the board of directors approved a cash offer for the purchase of equity shares with a face value of Rs1 each at a maximum price of Rs200 per share for a total of Rs98 crore.

A BSE filing showed that IEX has listed a special resolution ‘approval for the buyback of equity shares in the postal ballot notice.’

The company outlined that the e-voting will commence on Thursday, December 1, 2022, at 9.00 A.M. and will be over on Friday, December 30, 2022, at 05:00 PM.

It stated that the postal ballot notice is being sent electronically to members whose names appear in the register of members/list of beneficial owners as of the cut-off date of Friday, November 25, 2022, on their registered e-mail address.

The maximum number of equity shares that could be purchased at the buyback price is 49,00,000.

At around 9.23 AM, Indian Energy Exchange was trading at Rs148.40 up by 0.41% from its previous closing of Rs147.80 on the BSE. The scrip opened at Rs147.80 and touched intraday high and low of Rs148.70 and Rs147.80 respectively.

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