Redemption of Unlisted Preference Shares and Payment of Dividend Thereon
Price
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Jaysynth Orgochem has redeemed 6 crore fully paid-up 2% Redeemable Non-Convertible Non-Cumulative Non-Participating Preference Shares of face value ₹1 each, paying ₹600 lakhs towards redemption. The company also paid ₹12 lakhs as dividend on these preference shares up to the date of redemption, funded out of accumulated profits. After this redemption, the company's preference share capital stands reduced to 51 crore shares aggregating to ₹5,100 lakhs.
This is an internal capital restructuring involving unlisted preference shares and does not directly affect equity shareholders. The small 2% dividend on preference shares is negligible and not indicative of equity dividend policy. No material impact on the listed equity stock is expected.