IEX Share Buyback News: Indian Energy Exchange (IEX) in its board meeting held today approved the buyback of shares. Announcing the decision in a regulatory filing, IEX said the board has approved the buyback of fully paid-up equity shares of face value of Re 1 each.
“Approved the proposal for buyback of fully paid-up Equity Shares of face value of Re 1 each of the Company for an amount not exceeding Rs 200 per Equity Share and for an aggregate amount not exceeding Rs 98,00,00,000 (Rupees Ninety”) -Eight crore) (“Maximum Buyback Size”), from the shareholders of the Company (other than promoters, group of promoters and persons in control of the company) into the CAS through the ‘open market’ route through the stock exchange mechanism. The payment is less than 15% 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 stated that at the maximum buy-back size and maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back will be 49,00,000 equity shares (representing 0.55%) which is lower than More than 25 per cent of the existing paid-up equity share capital.
“The maximum buyback size based on the latest audited standalone and consolidated financial statements of the company as on March 31, 2022 represents 14.95% and 14.92% of the total paid-up equity share capital and free reserves of the company respectively,” IEX said.
The company said the actual number of equity shares bought back during the buy-back will depend on the actual price, excluding transaction costs, paid for the equity shares bought back and the aggregate consideration paid in the buy-back, subject to subject. Maximum buy-back size.
On the other hand, IEX shares gained 3.95 per cent in today’s trade due to the board meeting. IEX scrip today closed at Rs 150.90 per share on NSE Nifty, while it closed at Rs 150.40 per share on BSE Sensex.