NEW DELHI: BPO major Genpact will repurchase its common shares worth up to $300 million (about 1,839 crore) under a modified 'Dutch auction' tender offer starting today.

Dutch Auction is a public offering auction structure in which the price of the offering is set after taking in all bids and determining the highest price at which the total offering can be sold.

In a filing to US SEC, Genpact late yesterday night said, "It intends to purchase up to $300 million of its common shares through a modified 'Dutch auction' tender offer that it expects to commence on March 6, 2014."

Also in some cases, the price on an item is lowered until it gets a bid. The first bid made is the winning bid and results in a sale, assuming that the price is above the reserve price.

"Genpact intends to finance the share repurchase from available cash and cash equivalents and borrowings under its existing credit facility," the filing added.

Read Also: Capgemini: Tangled Web Of IT Applications Stunts Digital Transformation and Convergys Completes $820 Million Stream Acquisition