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The Indian Energy Exchange has announced plans to buy back 37.29 lakh shares at a maximum price of ₹185 a share. The total buyback, which would cost ₹69 crore, accounts for about 25 per cent of total paid-up capital of the company.
Shares of the company gained marginally to ₹167 on Thursday.
The board has constituted a committee to look into the issues related to the proposed share buyback, said the exchange in a statement.
Improving earnings profile
With no major capital expenditure, the exchange has built up a cash reserve of about ₹450 crore over the years.
IEX, which operates a power trading exchange, with a market share of 97 per cent, is buying back shares when its earnings profile is improving due to increase in power demand and higher merchant power tariff.
The board of directors of the exchange at their meeting on Thursday approved the appointed Gautam Dalmia as an Additional Director till the next annual general meeting. Dalmia, 50, Managing Director, Dalmia Bharat, has been one of the driving force behind the growth of Dalmia Bharat Group.
He leads a professional team to pursue accelerated growth while maintaining the core values which have been the foundation of this 75-year old conglomerate with interests in cement, sugar and refractories, said IEX in a statement.
With over 23 years of experience in both cement and sugar industries, he holds a BS and MS degree in Electrical Engineering from Columbia University.
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