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Shares of Hinduja Global Solutions are down over two percent after the company announced approval of buyback of 60 lakh shares worth Rs 1,020 crore on 19 December.

The board has approved a buyback price of Rs 1,700 per equity share payable in cash for an aggregate amount of up to Rs 1020 crore, excluding any expenses related to the buyback, including brokerage, costs, fees, turnover charges, taxes such as buyback tax, securities transaction tax, and goods and services tax (if any), stamp duty, advisors fees, filing fees, printing, and dispatch expenses, and other incidental and related expenses and charges, the company informed in a regulatory filing.

Shares of Hinduja Global at 11:37 am were at Rs 1362, down 3.13 percent from the previous close on the BSE.

"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 company said in the regulatory filing.

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According to the latest special purpose condensed standalone and consolidated audited financial statements of the company, the buyback size represents 24.15 percent and 13.19 percent of the total of the Company's fully paid-up equity share capital and free reserves, respectively.

In accordance with the regulations, the company’s board has also established a committee called the "buyback committee" for the purpose of the buyback, and it stated that the committee has been given authority to carry out any acts, deeds, matters, or things that the board, in its sole discretion, deems necessary, expedient, customary, or proper in connection with the proposed buyback.

Narendra Singh, company secretary, has been appointed as the compliance officer for the purpose of the proposed buyback.

Also read: Hinduja Global Solutions shares end higher ahead of board meet to mull buyback