Hinduja Global Solutions to mull share buyback on Monday

Hinduja Global Solutions has announced that the company’s board meeting will be convened on December 19 to consider a share buyback.

“This is to inform that a meeting of the Board of Directors of Hinduja Global Solutions Limited will be held on Monday, December 19, 2022, inter-alia, to consider a proposal for buy-back of equity shares of face value of Rs 10 each of the company, including matters related / incidental thereto,” said the company’s filing with the exchange.

Ahead of the buyback announcement, shares of Hinduja Global on Thursday ended higher by around 3% at Rs 1393 apiece on the NSE.

Earlier in January this year, the company, through an exchange filing, said as sale of the company’s healthcare business has enhanced the company’s free reserves substantially, the allowable limit of the share buyback can be of about Rs 1,000 crore.

“With this, the allowable limits of 25% of paid-up capital and free reserves of the company for the purpose of buy-back are likely to be about Rs 1,000 crore, subject to the Audited Financial Statement of the Company for the year ending March 31, 2022. The Board has today decided to allocate a sum of approximately Rs 1,000 crore for the proposed buy-back,” said the company’s filing.

The stock in the last 3-years has generated multibagger returns to the tune of 341%, nonetheless it has underperformed with a negative return of 12% in the last 1 year.

Hinduja Global Solutions, commanding a market valuation of Rs 7,300 crore, offers BPO and KPO services.

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