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The proposal 1 of the question was this:
Proposal 1: Either buy back equity shares at their current share price, which would be cancelled after they have been repurchased.
While doing part b(iii) answer, it said this:
Shares repurchased as follows: $1 x 120m shares deducted from share capital and $10 x 120m shares deducted from reserves. $1,320m, consisting of $11 x 120m shares, added to non-current liabilities.
I did not understand why are we taking 120m and not 400m equity shares. where did 120m come from?
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