The buyback is subject to the approval of the shareholders of the company, by way of a special resolution.

Shares of Indian Energy Exchange rose 3 percent intraday Thursday as company approved buyback proposal of its shares.

The company approved the proposal to buyback of its fully paid-up equity shares of Re 1 each not exceeding 37,29,729 equity shares of the company at a maximum price of Rs 185 per equity share.

The buyback is subject to the approval of the shareholders of the company, by way of a special resolution.

At 14:00 hrs Indian Energy Exchange was quoting at Rs 167.80, up Rs 1.65, or 0.99 percent on the BSE.