Shares of Hinduja Global Solutions fell more than 2% after the company announced on December 19 that it had approved the buyback of 6 million shares worth Rs 1,020 crore.

The Board has approved a cash buyback of Rs 1,700 per share for an aggregate amount of up to Rs 1,020 crore, excluding any charges associated with the buyback, including brokerage fees, costs, expenses, turnaround charges, buyback tax etc., securities transaction tax, goods and services tax (if any), stamp duty, consultancy fees, filing fees, printing and dispatch fees, and other incidental and related fees, the company proposes in its regulatory filings.

Shares of Hinduja Global were trading at Rs 1,362 at 11:37 am, down 3.13% from the previous close on the BSE.

“Subject to the buyback size, the indicative maximum number of equity shares to be repurchased at the maximum buyback price is 60 lakh equity shares,” the company said in a regulatory filing.

According to the company’s latest particular purpose condensed independent and consolidated audited financial statements, the scale of buyback accounted for 24.15% and 13.19% of the company’s total paid-in share capital and total free reserves, respectively.

According to regulations, the company’s Board of directors also established a “buyback committee” to be responsible for buyback matters. It stated that the committee had been empowered to execute any act, conduct, point or thing that the board, in its sole discretion, deems necessary, reasonable, customary or appropriate in connection with the proposed buyback.

Company secretary Narendra Singh has appointed the compliance officer for the proposed buyback.