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Dear Member,
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Sub: Update on proposed Buyback of Equity Shares of Hinduja Global Solutions
Limited (‘the Company’)
The Company has noticed that certain misleading rumours are circulating about the status of the buyback programme of the Company’s shares (Buyback). The Company has also received queries regarding the same and therefore, through this letter, we intend to apprise you the status of the proposed Buyback.
Post receipt of Shareholders’ approval for Buyback of equity shares of the Company on
January 25, 2023, the public announcement of Buyback appeared in the newspapers on
January 31, 2023. The aggregate amount of Buyback is Rs. 1,020 crores and the buyback
price is Rs. 1,700 per Equity Share. The Record Date to determine the eligibility of
Shareholders of the Company for Buyback was fixed at March 6, 2023.
After the public announcement on February 7, 2023, the Company filed the Draft Letter of
Offer (DLOF) with Securities and Exchange Board of India (SEBI) for its comments.
On February 7, 2023, amendments on Buyback regulations were notified and came into effect.
This led to some ambiguity as to whether HGS Buyback would be as per the amended
regulations or as per the old regulations resulting in some delay of the entire process. After all assessments and analysis, it was clarified to the Company that the Buyback would be as per the old regulations.
Thereafter, the Company has submitted, from time to time, all the information sought (including Record Date data). The Company is currently awaiting final clearance on the DLOF.
As per the prescribed procedure, the Company shall dispatch the Letter of Offer to all the eligible shareholders within 5 working days from the date of receipt of final comments on DLOF. The Buyback Offer would open within 5 working days of the dispatch of Letter of Offer to the Shareholders.
While the process has taken longer than envisaged, the Company remains committed
to its shareholders and shall complete the Buyback of Equity Shares at the earliest. We
seek your co–operation in the matter.
Thanking you,
For Hinduja Global Solutions Limited
Sd/-
Narendra Singh
Company Secretary
F 4853

(👆HGS LETTER TO SHAREHOLDERS UPLOADED IN HGS PAGE OF BSE WEBSITE)
PLEASE DO NOT SPREAD UNNECESSARY RUMORS.