The board of business process outsourcing company Hinduja Global Solutions Ltd. has approved a buyback programme worth Rs 1,020 crore.
The buyback price has been fixed at Rs 1,700 per share, according to an exchange filing on Friday. The buyback size, which is not to exceed Rs 1,020 crore, does not include the transaction costs incurred for the buyback, the company said.
Under the scheme, Hinduja Global will buy back 60 lakh shares from eligible shareholders. This represents 24.59% of the fully paid-up equity share capital, or 13.43% of free reserves of the company, as on Sept. 30, 2022.
The record date for determining shareholders eligible for the buyback is March 6, 2023, Hinduja Global said.
These terms of buyback are within the maximum limits approved by the board in its meeting on Dec. 19, 2022, and as approved by shareholders as a special resolution voted through postal ballot, the company said. Results of the postal ballot were announced today.
The Hinduja Global stock closed 0.09% higher today at Rs 1.299.20, against a 1.25% decline in the Sensex, which closed at 59,330.
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