The Indian Energy Exchange (IEX) today approved the buyback of shares in its board meeting held today. Announcing the decision in a regulatory filing, the IEX said that the board approved the buyback of fully paid-up equity shares having a face value of Rs 1 each.
“Approved the proposal of buyback of fully paid-up equity shares having a face value of Re 1 each of the company at a price not exceeding Rs 200 per equity share and for an aggregate amount not exceeding Rs 98,00,00,000 (Rs ninety-eight crores) (“Maximum buback size”), from the shareholders of the Company (other than the promoters, the promoters group and persons in control of the company) paybale in cas via ‘open market’ route through the stock exchange mechanism which is less than 15% of the aggregate of the total paid-up 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…”, it said.
The company further said that at the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back would be 49,00,000 equity shares (representing 0.55% which is less than 25 per cent of th 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,” said the IEX.
The company said that the actual number of equity shares bought back during the buy-back will depend upon the actual price, excluding the transaction costs, paid for the equity shares bought back and the aggregate consideration paid in the buy-back, subject to the maximum buy-back size.
On the other hand, shares of IEX gained 3.95 per cent in today’s trade in wake of the board meeting. The IEX shares today closed at Rs 150.90 per share.
This is a developing story.