New Delhi, Dec 30 (PTI) Indian Energy Exchange (IEX) has got shareholders' approval through postal ballot to buy back shares worth up to Rs 98 crore.

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

Also Read | UIDAI Advisory: Use Aadhaar Confidently but Maintain Same Usage Hygiene As Bank Account, PAN, Passport.

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

The IEX had listed a special resolution -- approval for the buyback of equity shares in the postal ballot notice.

Also Read | Delhi Metro Update for New Year's Eve: No Exit From Rajiv Chowk Metro Station Post 9 PM on December 31, Says DMRC.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)