Indian Energy Exchange board approves Rs 98 crore share buyback plan – what should investors know?

The Indian Energy Exchange (IEX) on Friday said its board has approved a proposal to buyback shares worth Rs 98 crore.

A decision in this regard was taken at its board meeting held on Friday, according to a regulatory filing.

"The board has approved the buyback of fully paid up equity shares having a face value of Re 1 each of the company at a price not exceeding Rs 200 per equity share and not exceeding Rs 98 crore payable in cash via open market route," IEX said.

The maximum of shares to be bought back under the buyback plan is 49 lakh, it said.

IEX is India's premier energy marketplace, providing a nationwide automated trading platform for the physical delivery of electricity, renewables, and certificates.