BPO Major Genpact To Repurchase Shares Worth $300Mn



Genpact generated $311.6 million in cash from operations in 2013, up from $310.7 million of cash a year earlier, which included about $45 million from an upfront client payment. It had about $571.3 million in cash and cash equivalents as of December 31, 2013.

Under the terms of the tender offer, Genpact shareholders will have the opportunity to tender some or all of their shares at a price per share of not less than $16.50 per share and not greater than $18 per share, it said.

Based on number of shares tendered and prices specified by the tendering shareholders, Genpact will determine the lowest per share price within the range that will enable it to purchase $300 million in shares, or such lower amount depending on the number of shares that are properly tendered and not properly withdrawn, the company said in the filing.

"At the minimum price of $16.50 per share, Genpact would repurchase a maximum of 18,181,818 shares, or approximately 8% of Genpact's outstanding common shares as of February 28, 2014," it added.

The tender offer will expire at midnight, New York City time, at the end of the day on April 2, 2014, unless extended or withdrawn.

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Source: PTI