Hinduja Global Solutions approves buyback of 6 mn shares at Rs 1,700 each

Hinduja Global Solutions, Hinduja Group's business process management entity, approved the buyback of 6 million shares worth Rs 1,020 crore in the board meeting held on Monday. 

The shares, with a face value Rs 10 each, will be bought at "a buyback price not exceeding 1,700 (Rupees one thousand seven hundred only) per Maximum Buyback Price payable in cash, for an aggregate amount of up to 1,020,00,00,000 (Rupees one thousand and twenty crores only), excluding any expenses incurred or to be incurred for the Buyback..." it said in a regulatory filing. 

"The indicative maximum number of equity shares to be bought back at the maximum buyback price subject to the buyback size are 6 million equity shares," it added. 

The buyback size represents 24.15 per cent and 13.19 per cent of the aggregate of the Company's fully paid-up equity share capital and free reserves according to the latest special purpose condensed standalone and consolidated audited financial statements of the company.

The board has also constituted a committee called the 'buyback committee' for the purpose of the buyback in accordance with the regulations and has delegated its powers to do such acts, deeds, matters, and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in relation to the proposed buyback, it said.

Narendra Singh, company secretary, has been appointed as the compliance officer for the purpose of the proposed buyback.

The maximum buyback price represents a premium of 28.99 per cent and 29.09 per cent over the closing price of the equity shares on NSE and BSE respectively on December 13. The intimation for the board meeting was sent to NSE and BSE on December 14.