The board of Hinduja Global Solutions Ltd has approved the buyback of its shares from the markets at a premium of 25 percent from the current levels. On December 19th, the board of the company approved a buyback of 60 lakh shares worth Rs 1,020 crore. On the news, the shares of the Hinduja group company have tumbled by more than 3 percent till Tuesday afternoon and were trading at Rs 1,370 levels.
The company will buy back its shares at Rs 1,700 apiece which is a premium of 25 percent from the current levels of Rs 1,365. The buyback will be through a tender offer route. The Indicative Maximum Buyback Shares represent 14.36% and 11.43% of the total Paid-Up Equity Shares of the Company as on September 30, 2022, and December 17, 2022, respectively, as per the company filling on BSE.
.In addition to this, the board of directors also appointed Mr. Ashok P. Hinduja as an Additional Director designated as Chairman, Non-Executive Non-Independent Director, and Mr. Munesh Khanna as an Additional Director designated as Independent Director.
Hinduja Global Solutions Limited, part of the Hinduja Group, is a leading provider of solutions in digital consumer experience (CX), business process management (BPM), and digital media services
In Q2FY23, the total revenue of the company stood at Rs 1,167.54 Crore which jumped by 28 percent from Rs 912.05 Crore Quarter on Quarter (QoQ) but declined by 26 percent Year on Year (YoY) from Rs 1,582.56 Crore.
Their net profit in the period stood at Rs 192.25 Crores which grew multiple times from the previous quarter in which they reported Rs 73.27 Crore. In Q2FY22, their profits stood at Rs 136.5 Crore.
The market capitalization of the company is Rs 7,176 Crore. In addition to that, the company has a high dividend yield of 16.10%. In 2022, from January to December, the company declared a total of five dividends making a total of Rs 218 per share.
Written by Anoushka Roy
