Genpact to Buy Back Shares Worth up to $250 Million

New York: NYSE-listed BPO major Genpact today said it will repurchase company's shares worth up to $250 million (about Rs 1,545 crore).. . The US-based firm announced that its Board of Directors has authorised the repurchase of up to $250 million of the company's common shares from time to time on the open market or in privately negotiated transactions.. . The repurchase programme will be funded through cash or debt facilities, it added.. . Genpact's cash and cash equivalents stood at about $462 million as of December 31. It had around 218.7 million common shares outstanding during the same period.. . The timing and amount of any shares repurchased will be determined by Genpact's management based on its evaluation of market conditions and other factors, it said. . . Repurchases may also be made under a rule 10b5-1 plan that would permit shares to be repurchased when the firm might otherwise be precluded from doing so under insider trading laws, it said.. . The repurchase programme may be suspended or discontinued at any time, it said.. . "A share repurchase programme is an important tool in our capital allocation framework and reflects our confidence in Genpact's ability to deliver long-term profitable growth and generate significant operating cash flow," Genpact President and CEO N V Tyagarajan said. . . Genpact will continue to consider opportunities, including acquisitions, that allow it to create value for the shareholders, he added. . . For the fiscal 2014, company's net profit declined 16 per cent to $192 million against $227.9 million in 2013.. . Whereas, revenues rose by 7 per cent to $2.28 billion from $2.13 billion during the same period.. . Genpact expects revenues in 2015 to be in the range of $2.46-2.50 billion. It follows January-December as fiscal year..

Genpact to Buy Back Shares Worth up to $250 Million

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