The Board of Directors of Hinduja Global Solutions Limited has approved the Buyback of shares of the company in the meeting held on January 27th, 2023. The total buyback is worth Rs 1,020 Crores.
On Monday, the shares of Hinduja were trading at Rs 1,300 levels. The directors of the company have announced the buyback at a premium of 31 percent from the current levels as the price fixed by the board is Rs 1,700 per share.
For the purpose of determining the names of the equity shareholders who will be eligible to participate in the Buyback, the record date has been set as Monday, March 6th, 2023.
Share buybacks, also known as stock buybacks or share repurchase programs, is a corporate action undertaken by the company to buy its own shares from the markets generally at a premium from the current price. One of the main reasons for the action could be to create a demand for the stock and hence increase the price.
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.
The shares have been volatile and shed approximately 2 percent in the past month. It reached a 52-week high of Rs 1,698.60 in August 2022. Currently, it is trading at a discount of approximately 22 percent from those levels.
The company is yet to announce its Q3 results. However, in Q2FY23, their total revenue stood at Rs 1,167.54 Crore and their Profit After Tax was at Rs 192.25 Crores.
Written by Anoushka Roy
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