Genpact Limited (G) Approves $250M Stock Buyback Plan
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Genpact Limited (NYSE: G) announced that its Board of Directors has approved a new $250 million share repurchase program, bringing the total authorization 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.
N.V. 'Tiger' Tyagarajan, Genpact's president and CEO, said, "Our share repurchase program 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."
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 program may be suspended or discontinued at any time. Any repurchased shares will be canceled.
The repurchase program will be funded using available cash and/or debt facilities. As of June 30, 2016, the company had cash and cash equivalents of approximately $407 million and approximately 209 million common shares outstanding.
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