The Indian Energy Exchange (IEX) announced that it had received shareholder approval via postal ballot to buy back up to 98 crore shares. In its meeting, the board of directors approved a cash offer for the buyback of equity shares with face values of 1 each at a maximum price of 200 per share for an aggregate amount of up to 98 crore.
The maximum number of equity shares that could be purchased at the buyback price is 49,00,000. The buyback is being conducted after considering the company’s operational and strategic cash requirements in the medium term, as well as returning surplus funds to members in an effective and efficient manner, according to the company.
The Indian Energy Exchange (IEX) recently announced the formation of a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to investigate business opportunities in the voluntary carbon market.
According to an IEX statement, the new entity will enable participants to buy and sell voluntary carbon credits at competitive prices via its platform, as well as facilitate a 45 percent reduction in global greenhouse gas emissions by 2030 in order to stay on track to limit global warming to 1.5 degrees Celsius.