Shares of Hinduja Global Solutions (HGS) moved higher by 5 per cent to Rs 2,985.70 on the BSE in Tuesday’s intra-day trade as the company announced buyback plan after an over 25 per cent correction in its stock price from record high level touched last week.
“A meeting of the board of directors of Hinduja Global Solutions will be held on January 14, 2022, to consider and explore quantum/ timings of buy-back of equity shares of the company,” HGS said in an exchange filing. The board will also consider potential mergers & acquisition opportunities, the company said.
At 11:02 am; HGS quoted 4 per cent higher at Rs 2,960 on the BSE, as compared to 0.22 per cent rise in the S&P BSE Sensex. A combined 455,000 equity shares had changed hands on the NSE and BSE.
On Friday, January 7, the stock of the company engaged in Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) had slumped 20 per cent after the company announced 1:1 bonus share and an interim dividend of Rs 150 per share. It had corrected 28 per cent from its record high level of Rs 3,948 hit on January 4, 2022.
The company had sold its health care business to Baring’s private equity fund in August last year for $1.2 billion (Rs 8,000 crore) and its shareholders were expecting a large dividend from the company. But its minority shareholders were left disappointed after the company announced on Thursday that it was offering only Rs 150 as special dividend to celebrate the deal, leading to a crash in its share price.
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