Board of IEX approves buyback of shares at ₹200, stock ended on a green note

With a market value of 13,515.99 Cr, Indian Energy Exchange Ltd. (IEX) is a mid-cap company active in the financial services industry. It provides a national online trading network for the physical supply of electricity, renewable energy and certificates. The company is India’s largest energy marketplace. The IEX ecosystem is strong, with more than 6,800 participants across 29 states and 5 Union territories, including more than 500 conventional generators and more than 55 distribution companies. In addition, it has a significant base of more than 4,400 commercial and industrial customers, including those from the metals, food processing, textile, cement, ceramics, chemical, automotive, information technology, institutional, housing and real estate sectors, as well as business customers. bodies. The Board of Directors today approved the share buyback 200 each.

The company has stated in a stock market filing today that the board of directors has “approved the proposal to repurchase fully paid shares with a par value of Re. 1/- (Rupee One only) each of the company at a price of up to Rs. 200/- (two hundred rupees only) per share share (“maximum redemption price”) and for an aggregate amount not exceeding Rs 98,00,00,000/- (only rupees ninety-eight crores) (“maximum redemption size”) , from the shareholders of the Company ( other than the promoters, the promoter group and persons controlling the Company) payable in cash through the “Open Market” route through the exchange mechanism which is less than 15% of the aggregate of the total paid-up share capital and free reserves of the Company, based on the Company’s latest audited stand-alone and consolidated financial statements as of March 31, 2022, in accordance with the provisions under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (“Buyback Regulations”) , as amended and the Companies Act, 2013, as amended, and other applicable provisions (the process hereinafter referred to as the “Repurchase Arrangement”). At the maximum repurchase size and the Maximum Repurchase Price, the indicative maximum number of shares to be repurchased under the repurchase would be 49,00,000 shares (representing 0.55%, which is less than 25% of the existing paid-up share capital of the company), the maximum size of the repurchase represents 14.95% and 14.92% of the total of the total paid-up share capital and free reserves of the Company based on the latest audited statutory and consolidated financial statements of the Company as at 31 March respectively 2022. The actual number of shares repurchased during the repurchase will depend on the actual price, excluding transaction costs, paid for the repurchased shares and the total consideration paid in the repurchase, subject to the maximum repurchase size.”

From Rs. 113.4 Cr in Q1FY’23 to Rs. 113.8 Cr in Q2FY’23, sales increased 0.3% QoQ on a consolidated basis. PAT increased from Rs. 69.1 Cr to Rs. 71.2 Cr up 3% QoQ, with a margin of 63%. Daily contracts for up to 90 days, weekly contracts for up to 12 weeks and monthly contracts for up to three months were among the new products IEX added to its range of longer-term contracts in the quarter ending September. Installed power generation capacity grew to 408 GW in Q2FY23. The contribution from renewable energy (RE) increased to 165 GW or 40% of all installed power capacity. Compared to 23.4 BU in Q1 FY’23, the exchange traded 23.1 BU of electricity during the quarter. The volume consisted of 19.7 BU in the conventional energy market, 1.5 BU in the green market sector and 19.14 lac Certificates, or 1.9 BU, in the Renewable Energy Certificates (REC) market.

Shares of IEX closed today 150.90 each, an increase of 2.69% from the previous close of 146.95. In today’s trading, the stock registered a total volume of 15,386,976 shares. On a YTD basis, the stock is down 41.56% so far through 2022.


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