IEX gets shareholders' nod to buy back shares worth up to Rs 98 crore

The proposal to buy back shares worth up to Rs 98 crore approved by requisite majority through postal ballot, showed a BSE filing

FTIL sells remaining 11% stake to exit Indian Energy Exchange

Press Trust of India New Delhi
Indian Energy Exchange (IEX) has got shareholders' approval through postal ballot to buy back shares worth up to Rs 98 crore.
The proposal to buy back shares worth up to Rs 98 crore approved by requisite majority through postal ballot, showed a BSE filing.
The board of directors in its meeting on November 25 had 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 had listed a special resolution -- approval for the buyback of equity shares in the postal ballot notice.
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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Dec 30 2022 | 11:42 PM IST

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