IEX board OKs Rs 98 crore share buyback

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The board of Indian Energy Exchange (IEX) on Friday, 25 November 2022, approved a share buyback of upto Rs 98 crore at a price not exceeding Rs 200 per share through open market route.

The maximum buyback price of Rs 200 per equity share represents a 36.01% premium to Thursday's closing price of Rs 147.05 on the BSE.

The indicative maximum number of equity shares to be bought back under the buyback would be 49,00,000 equity shares (representing 0.55%, which is less than 25% of the existing paid-up equity share capital of the company).

The maximum buyback size represents 14.95% and 14.92% of the aggregate of the total paid-up equity share capital and free reserves of the company based on the latest audited standalone and consolidated financial statements of the Company as on 30 March 2022, respectively.

IEX is India's premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.

The company's consolidated net profit declined 8.4% to Rs 71.20 crore on 13.8% decrease in net sales to Rs 95.20 crore in Q2 FY23 over Q2 FY22.

Shares of IEX gained 2.28% to end at Rs 150.40 on the BSE.

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