JS Investment to buy-back 34.8% of its share capital

MG News | July 24, 2019 at 01:51 PM GMT+05:00

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July 24, 2019 (MLN): The shareholders of JS Investment Limited, in an Extra Ordinary General Meeting held on July 24, 2019, have passed a special resolution to purchase / buy back up to a maximum of 27,934,840 issued ordinary shares of the face value of Rs. 10 each of the Company (34.8%) at a purchase price of Rs. 18 per share.

It was further resolved by the shareholders that the ordinary shares purchased pursuant to this special resolution shall be cancelled, whereas issued and paid up share capital shall accordingly be reduced by the aggregate face value of the cancelled shares.

The purchase / buy back of the shares shall be made through a tender offer by utilizing Rs. 502,827,120 out of the distributable profits of the company and the purchase period shall be for 30 days commencing from August 2, 2019 to August 31, 2019 (both days inclusive).

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