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Indian Energy Exchange surges over 9% as board mulls share buyback

At 9:30 am, the stock was trading 5% higher at Rs 164, having risen 9% on the BSE in intra-day trade as the company said its board will meet on December 20 to consider the share buyback proposal

SI Reporter  |  Mumbai 

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Shares of (IEX) surged 9% to Rs 171 per share on the in early morning trade on Friday after the company said its board will meet on Thursday, December 20, 2018, to consider the proposal for buyback of the equity shares of the company.

“The meeting of the board of directors of the Company will be held on, Thursday, December 20, 2018, at New Delhi, inter alia to consider the proposal for buyback of the fully paid-up equity shares of the Company,” said in a regulatory filing.

The primary objective of programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple.

Since its listing on October 30, 2017, had underperformed the market by falling 4% as compared to an 11% rise in the S&P Sensex till Thursday. had raised Rs 10 billion through initial public offer (IPO) at a price of Rs 165 (adjusted to stock split from Rs 10 to Re 1).

At 09:30 am; IEX was trading 5% higher at Rs 164 on the BSE, as compared to 0.20% decline in the benchmark index. A combined 34,151 equity shares changed hands on the counter on the and NSE so far.


First Published: Fri, December 14 2018. 09:34 IST
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