Aberdeen New India Investment Trust PLC commneces an Equity Buyback Plan for 8,233,208 shares, representing 14.99% of its issued share capital under the authorization approved on September 27, 2023.
September 27, 2023 at 12:00 am EDT
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Aberdeen New India Investment Trust PLC (LSE:ANII) commences share repurchases on September 27, 2023, under the program mandated by the shareholders in the Annual General Meeting held on September 27, 2023. As per the mandate, the company is authorized to repurchase up to 8,233,208 shares, representing 14.99% of its issued share capital. The minimum price that will be paid for an ordinary share is 25 pence per share. The maximum price that will be paid for an ordinary share will be not more than the higher of 5% above the average market values of the shares taken from the Daily Official List of the London Stock Exchange for the 5 business days before the purchase is made and the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The repurchases shares will be cancelled or held in treasury. Unless renewed, the authority will expire at the conclusion of the Annual General Meeting of the Company in 2024, or on September 30, 2024, whichever is earlier. As of June 28, 2023, the company had 54,924,673 shares in issue and had 4,145,467 shares in treasury.
Winterflood Investment Trusts acted as broker to the company.
abrdn New India Investment Trust plc is an investment trust. The Company's investment objective is to provide shareholders with long-term capital appreciation by investment in companies, which are incorporated in India, or which derive revenue or profit from India, with dividend yield from the Company being of secondary importance. The Company primarily invests in Indian equity securities. It may also invest in open-ended collective investment schemes and closed-end funds which invest in India and are listed on the Indian stock exchanges. It invests not more than 15% of its gross assets in other listed investment companies. It invests in various sectors, such as financials, information technology, consumer staples, materials, health care, real estate, industrials, utilities, consumer discretionary, communication services and energy. abrdn Asia Limited acts as the investment manager of the Company.
Aberdeen New India Investment Trust PLC commneces an Equity Buyback Plan for 8,233,208 shares, representing 14.99% of its issued share capital under the authorization approved on September 27, 2023.