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India’s largest business process management firm Genpact, listed on NYSE, on Tuesday announced its board had approved a $250-million share repurchase programme, bringing the total authorisation since February 2015 to $750 million.
The company intends to purchase its common shares from time to time on the open market or in privately negotiated transactions. “Share repurchase remains an important tool in our capital allocation framework. We continually assess opportunities that allow us to enhance long-term shareholder value, and believe our shares represent an attractive investment,” said N V ‘Tiger’ Tyagarajan, Genpact’s president and chief executive.
The repurchase programme will be funded using available cash and/or debt facilities. As on June 30, the company had cash and cash-equivalents of $407 million and about 209 million common shares outstanding.
The timing and amount of any shares repurchased will be determined by the company’s management, based on its evaluation of market conditions and other factors.
Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The repurchase programme might be suspended or discontinued at any time. All repurchased shares will be cancelled.
The company intends to purchase its common shares from time to time on the open market or in privately negotiated transactions. “Share repurchase remains an important tool in our capital allocation framework. We continually assess opportunities that allow us to enhance long-term shareholder value, and believe our shares represent an attractive investment,” said N V ‘Tiger’ Tyagarajan, Genpact’s president and chief executive.
The repurchase programme will be funded using available cash and/or debt facilities. As on June 30, the company had cash and cash-equivalents of $407 million and about 209 million common shares outstanding.
The timing and amount of any shares repurchased will be determined by the company’s management, based on its evaluation of market conditions and other factors.
Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The repurchase programme might be suspended or discontinued at any time. All repurchased shares will be cancelled.
