Hot Pursuit     20-Dec-22
Hinduja Global board okays Rs 1,020 crore buyback
The indicative maximum number of equity shares to be bought back at the maximum buyback price subject to the buyback size are 60 lakh equity shares.
The board of Hinduja Global Solutions (HGS) on 19 December 2022 approved a share buyback of upto Rs 1,020 crore through a tender offer route. The maximum buyback price is set at Rs 1700 per share. The buyback will be on a proportionate basis through a tender offer process.

The record date to determine the eligibility of the shareholders will be sometime in early February 2023 (i.e. post completion of postal ballot).

The indicative maximum buyback shares represent 14.36% and 11.43% of the total paid up equity shares of the company as on 30 September 2022 and 17 December 2022, respectively.

The buyback size represents 24.15% and 13.19% of the aggregate of the company's paid-up equity share capital and free reserves as per the latest special purpose condensed standalone and consolidated audited financial statements of the company, respectively, being the financial statements for the period ended 30 September 2022.

As per the filing, the board has appointed Narendra Singh, Company Secretary and Compliance Officer as the Compliance Officer for the purpose of the proposed Buyback.

As on 17 December 2022, promoter & promoter group held 66.63% in the compnay.

Meanwhile, the nomination & remuneration committee (NRC) and the board of directors (BoD) appointed Ashok P. Hinduja to the board. The NRC and the BoD also appointed Munesh Khanna to the board as an independent director.

With keen focus on integration and expansion of digital business into HGS, A. P. Hinduja will takeover as the non – executive chairman of the company.

Y. M. Kale renounced his directorship and consequently as the chairman of the board with effect from 19 December 2022.

HGS is a global leader in optimizing the customer experience lifecycle, digital transformation, business process management (BPM), and digital media ecosystem. Its core BPM business combines automation, analytics, and artificial intelligence with deep domain expertise focusing on digital customer experiences, back-office processing, contact centers, and HRO solutions. HGS' digital media business, NXTDIGITAL, is India's premier integrated Digital Delivery Platforms Company delivering services via satellite, digital cable and broadband to over 5 million customers across 1,500 cities and towns.

HGS' consolidated net profit surged 121.7% to Rs 237.36 crore on 9.5% rise in net sales to Rs 1,167.54 crore in Q2 FY23 over Q2 FY22.

Shares of HGS fell 2.45% to Rs 1371.45 on the BSE.

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