Indian Energy Exchange seeks shareholders' nod to buyback shares worth Rs 98 crore

Indian Energy Exchange (IEX) will seek shareholders' approval through postal ballot to buyback shares worth up to Rs 98 crore. The board of directors in its meeting on November 25 has approved the cash offer for buyback of equity shares of face value of Rs 1 each at a maximum price of Rs 200 per share for an aggregate amount up to Rs 98 crore.

The IEX has listed a special resolution -- approval for the buyback of equity shares in the postal ballot notice, showed a BSE filing.

The e-voting will commence on Thursday, December 1, 2022 at 09:00 AM (IST) and will end on Friday, December 30, 2022 at 05:00 PM (IST).

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

The notice explained that the board of directors of the company, at its meeting held on November 25, 2022, had approved a special resolution to buyback fully paid-up equity shares of face value of Rs 1 per share from the members of the company (except promoters, promoter group and persons in control) at a price not exceeding Rs 200 per equity share for an amount of up to Rs 98 crore via open market.

The indicative maximum number of equity shares at the buyback price would be 49,00,000.

The buyback is being undertaken after taking into account the operational and strategic cash requirements of the company in medium term and for returning surplus funds to the members in an effective and efficient manner, it explained.