The Board of Directors of Janashakthi Insurance PLC has authorized in principle a sale of all of the shares held by Janashakthi Insurance PLC in its wholly owned subsidiary Janashakthi General Insurance Limited.
The terms of the sale are yet in the final stages of negotiation. The transaction will also be subject to approval of the shareholders of Janashakthi Insurance PLC by way of a Special Resolution, being a Major Transaction for Janashakthi Insurance PLC. Moreover, it will also be subject to satisfying the Insurance Regulatory Board that the transaction meets the regulatory criteria specified its regulations.
The Board of Janashakthi Insurance PLC also wishes to state that it has agreed in principle that Janashakthi Insurance PLC will implement a substantial repurchase of its shares following the sale of Janashakthi General Insurance Limited. The final terms of the repurchase will be based on the terms of sale of Janashakthi General Insurance Limited.
The Board of Directors expects that the agreements for the transaction will be finalized shortly and will make appropriate disclosures on the details of the transaction immediately upon execution thereof.
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