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LONDON - Ashoka India Equity Investment Trust PLC (LSE:AIE) announced on Friday its annual voluntary share redemption facility, allowing shareholders to request cash redemption of all or part of their ordinary shares on the last business day of September.
The company emphasized that shareholders wishing to retain their shares need not take any action. As of August 6, the trust’s ordinary shares were trading at 273.00p, representing a slight discount of 0.32% to the net asset value of 272.13p per share.
Since its IPO on July 6, 2018, through August 6, 2025, the company has delivered net asset value and share price total returns of 177.7% and 163.8% respectively. During this period, the shares have traded at an average premium to NAV of 0.5%. The trust has outperformed the MSCI India IMI (LON:IMI) Index (in Sterling), which saw a total return of 99.5% over the same timeframe.
The redemption price will be calculated either based on the dealing value per ordinary share at the valuation point on the redemption date, or by reference to a redemption pool created specifically for funding the redemption, at the directors’ discretion.
Shareholders wishing to redeem certificated shares must submit a completed redemption request form with their share certificate by September 4, while holders of uncertificated shares must submit Transfer to Escrow instructions via CREST by 1 p.m. on the same date.
The company noted that none of its directors will be redeeming any shares under this facility. The redemption point is set for 6 p.m. on September 30, with redemption monies expected to be dispatched on or before October 13.
The announcement, based on a company press release, included a caution that share redemptions may be subject to income tax and capital gains tax, with potential different tax treatment compared to market sales.
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