Indian Energy Exchange (IEX) has got shareholders’ approval through postal ballot to buy back shares worth up to Rs 98 crore. The proposal to buy back shares worth up to Rs 98 crore approved by requisite majority through postal ballot, showed a BSE filing.

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

The IEX had listed a special resolution — approval for the buyback of equity shares in the postal ballot notice. 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.

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(Edited by : Anushka Sharma)