Indian Energy Exchange (IEX) Ltd on Friday, November 25, said its board has approved Rs 98-crore share buyback through the open market route. The buyback price for the offer has been decided at Rs 200 per share. The company, in the filing to the exchanges, said the indicative maximum number of equity shares to be bought back under the buyback would be 49,00,000 equity shares (representing 0.55 percent, which is less than 25 percent 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 March 31, 2022, respectively," the company said.
Moreover, the buyback offer is subject to the approval of the shareholders, which would be obtained through a postal ballot, the company added.
Under a share buyback or repurchase, a company buys back its own shares from investors or shareholders. It is seen as an alternative, tax-efficient way to return money to shareholders.
Established in 2008, IEX is India's first power exchange providing an automated trading platform for electricity (for physical delivery) and renewable energy certificates.
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