Janashalthi Insurance to buy back Rs. 12 b worth of shares

Friday, 23 February 2018 00:00 - - {{hitsCtrl.values.hits}}

Janashakthi Insurance (JINS) has resolved to repurchase a maximum of 326.7 million of its ordinary shares at Rs. 36.70 each on a pro rata basis of three for every five shares held.

The transaction would amount to a maximum of Rs.12 billion.

The Board resolution is subject to shareholder approval at an EGM to be held on 24 February. Proposed date of opening of the offer is 8 March and closure is 19 March.

Along with sale of Janashakthi General Insurance business to Allianz of Germany for Rs. 16.4 billion, Janashakthi said it will distribute part of the proceeds with shareholders.