Stock Report

IEX takes another Leap to Build a Sustainable Future

Posted On : 2023-10-09 14:10:01( TIMEZONE : IST )

The Indian Energy Exchange (IEX), India's leading energy exchange, has formalized a Share Subscription Agreement and Shareholders' Agreement with M/s Enviro Enablers India Private Limited (EEIPL), a prominent player in the environmental sector. Under this agreement, IEX will acquire 10% stake in the Company through Compulsory Convertible Preference Shares (CCPS) from EEIPL. This strategic move aligns with IEX's unwavering commitment to sustainability and decarbonization, in harmony with India's Net Zero commitments and to promote Circular Economy.

EEIPL, through this deal will be able to augment the value offering of its Material Waste Platform (MWP), which brings together all stakeholders in the waste sector. MWP holds significant potential to enhance the scientific processing of waste across India and establish a circular economy for a wide range of waste materials.

On this collaboration, Shri SN Goel, Chairman & Managing Director, IEX said "IEX is proud to associate with Enviro Enablers and partner in this circular economy platform. This partnership reaffirms our unwavering commitment to sustainability and decarbonization, aligning seamlessly with India's Net Zero goals. This platform will catalyze solutions for compliant waste management, including segregation, processing, recycling, tracking, tracing, and valorization of waste fractions, all while uplifting informal waste pickers."

Further, Mr. Govindaswamy Mahesh Babu, EEIPL, said "Our collaboration with the Indian Energy Exchange is a pivotal union that marries environmental stewardship and energy expertise. This strategic alliance sets the stage for a transformative journey towards sustainability and circularity within India's energy landscape. Together, we are committed to aligning our efforts with India's ambitious Net Zero commitments, with a specific focus on creating a more eco-conscious, energy-efficient future. This partnership underscores our unwavering dedication to pioneering innovative solutions and fostering a green and environmentally responsible future."

It is noteworthy to mention that IEX has taken several measures to fulfill its commitment towards sustainability and recently became India's first carbon-neutral power exchange. Through its wholly owned subsidiary International Carbon Exchange, IEX aims to enable participants to buy and sell voluntary carbon credits at competitive prices through a transparent and reliable platform, ultimately facilitating a 45% reduction in global GHG emissions by 2030. This goal aligns with the global effort to limit global warming to 1.5 degrees. IEX remains committed to advancing India's sustainable energy transition through its Green Market products.

Shares of Indian Energy Exchange Limited was last trading in BSE at Rs. 133.75 as compared to the previous close of Rs. 133.15. The total number of shares traded during the day was 179022 in over 2482 trades.

The stock hit an intraday high of Rs. 134.30 and intraday low of 132.30. The net turnover during the day was Rs. 23882631.00.