The proposal to buy back shares worth up to ₹98 crore approved by requisite majority through postal ballot, showed a BSE filing.

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

The Indian Energy Exchange (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.

Recently, Indian Energy Exchange (IEX)  announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunities in the voluntary carbon market.

According to a statement by IEX, the new entity will enable participants to buy and sell voluntary carbon credits at competitive prices through its platform and facilitate the reduction of global Greenhouse Gas emissions by 45 per cent by 2030 to get on track to limit global warming to 1.5 degrees.

On Friday, the company’s scrip was up by 0.32 per cent at ₹140 on BSE.