3rd Oct 2019 14:43
(Alliance News) - JPMorgan Indian Investment Trust PLC on Thursday said it will be launching a tender offer as it has underperformed against its benchmark.
In its financial statement for 2016, the investor - which focuses exclusively on Indian firms and long-term growth - vowed to make a tender offer to shareholders of as much as 25% of shares if the company underperformed the MSCI India Index over the three years ended September 30, 2019.
As at that final deadline date, JPMorgan Indian Investment had indeed fallen short of the benchmark over the three years.
Thus, the company will implement a tender offer, which will be priced at net asset value minus costs.
Shareholder can tender more than a quarter of their shares but excess tenders will only be satisfied if other shareholders opt not to tender their full basic entitlement.
Shares in JPMorgan Indian Investment were up 0.3% at 736.02 pence in London on Thursday.
By Anna Farley; [email protected]
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