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The Indian Energy Exchange (IEX) is all set to seek shareholders' approval through postal ballot to buyback shares worth up to 98 crore, news agency PTI reported on 30 November.

In its meeting on 25 November, the board of directors approved the cash offer for buyback of equity shares of face value of 1 each at a maximum price of 200 per share for an aggregate amount up to 98 crore.

According to a BSE filing, the IEX has listed a special resolution -- approval for the buyback of equity shares in the postal ballot notice.

ALSO READ: Board of IEX approves buyback of shares at 200, stock ended on a green note

The e-voting will commence on on 1 December, 2022 at 09:00 AM (IST) and will end on 30 December, 2022 at 05:00 PM (IST).

"The postal ballot notice is being sent electronically to the members whose names appear in the register of members/list of beneficial owners as on the cut-off date being Friday, November 25, 2022 on their registered e-mail address," it stated.

The notice further explained that the board of directors approved a special resolution to buyback fully paid-up equity shares of face value of 1 per share from the members of the company (except promoters, promoter group and persons in control) at a price not exceeding 200 per equity share for an amount of up to 98 crore via open market.

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.

With PTI inputs.

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