IEX shares soar 5% on buyback proposal announcement; stock down 45% this year

IEX Buyback News, Share Price NSE: Shares of Indian Energy Exchange, NSE: IEX, zoomed 5 per cent on Monday, November 21, on the back of buyback proposal announcement. The company had on Friday informed that its Board of Directors would meet on November 25 to consider and approve a share buyback proposal.

The stock opened at Rs 142.95, zooming 4 per cent from the previous close of Rs 138.45. At 11:55 AM, the scrip quoted Rs 144.90, up 4.66 per cent.

"We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, November 25, 2022, inter-alia, to consider a proposal for buyback of fully paid-up equity shares of the company in accordance with the provisions of the Companies Act, 2013, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended," the company said in BSE filing.

IEX has yielded a negative return of 45 per cent in 2022 so far, resulting in wealth loss of its investors. In perspective, stock which was available at Rs 258.20 apiece on January 3 is now available at a discount of more than 45 per cent. The stock's 52-week week is Rs 303.80 - Rs 133.85.

IEX is India's premier energy exchange that provides nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.

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