November 25, 2024 (MLN): The Board of Directors of NetSol Technologies Limited (PSX: NETSOL) has decided to recommend to the members the approval for the sale of 2 million treasury shares to eligible employees, in accordance with the Company's Share Option Scheme and the applicable provisions of the Listed Companies (Buy-back of Shares) Regulations, 2019.
Additionally, the board has authorized the buyback of up to 10 million issued ordinary shares of the company with a face value of Rs10 each.
The shares will be purchased periodically at the spot/current share price acceptable to the Company, prevailing during the purchase period.
The purchase period will range from January 3, 2025 to June 29, 2025, or until the completion of the purchase, whichever is earlier.
Furthermore, the amount required will be funded from the company's distributable profits and its funds.
According to the management, this decision is expected to positively impact the company's financial position, including an increase in the break-up value and earnings per share.
This buy-back also offers an exit opportunity for members who wish to fully or partially liquidate their investment, including those unable to do so during the previous buy-back.
