IEX board approves share buyback plan worth Rs 69 crore

NEW DELHI Indian Energy Exchange (IEX) board Thursday approved a proposal to buy back 37.29 lakh equity shares for Rs 69 crore.

As per a BSE filing, the company's board cleared a proposal to buy back its fully paid-up equity shares of Rs 1 each not exceeding 3,729,729 shares at a maximum price of Rs 185 per share aggregating to Rs 69 crore.

The 37.29 lakh shares represent 1.23 per cent of the total paid-up equity shares of the company.


According to the filing, the board has also constituted a committee to look into the issues related to the proposed share buyback.

The board has also approved appointment of Gautam Dalmia as an additional director of the company from December 20, 2018 till the next annual general meeting.

Dalmia, 50, has been one of the driving forces behind the exponential growth witnessed by the Dalmia Bharat Group. He is the Managing Director of Dalmia Bharat Ltd.

He has over 23 years of experience in both cement and sugar industries.