Indian Energy Exchange (IEX) has received approval from shareholders to buyback shares worth up to Rs 98 crore via postal ballot.

The proposal to buyback shares worth up to Rs 98 crore has been passed by postal ballot with the required majority, BSE filings show.

At its meeting on November 25, the board approved a cash offer to buyback up to Rs 98 crore equity at a maximum price of Rs 200 per share at face value of Rs 1 per share.

IEX listed a special resolution approving the share buyback in its postal ballot notice. The maximum share capital quantity for this repurchase price is 49,00,000 shares.

It explained that the buybacks were made after considering the company’s medium-term operating and strategic cash requirements and returning surplus funds to members effectively and efficiently.