NEW YORK, Feb. 4, 2016 /PRNewswire/ -- Genpact Limited (NYSE: G), a global leader in digitally-powered business process management and services, today announced that its Board of Directors has approved a $250 million share repurchase program, bringing the total authorization under its existing program to $500 million. The Company intends to purchase its common shares from time to time on the open market or in privately negotiated transactions. The company has completed $250 million in share repurchases under the share repurchase program first announced in February 2015.
N.V. 'Tiger' Tyagarajan, Genpact's president and CEO, said, "Our share repurchase program is an important tool in our capital allocation framework. We will continually consider opportunities that allow us to deliver value to our shareholders."
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 or debt facilities. As of December 31, 2015, the company had cash and cash equivalents of approximately $451 million and approximately 211.5 common shares outstanding.
Genpact (NYSE: G) stands for "generating business impact." We are a global leader in digitally-powered business process management and services. We architect the Lean Digital(SM) enterprise through our patented Smart Enterprise Processes (SEP(SM)) framework that reimagines our clients' operating model end-to-end, including the middle and back offices. This creates Intelligent Operations(SM) that we help design, transform, and run. The impact on our clients is a high return on transformation investments through growth, efficiency, and business agility. For two decades, first as a General Electric division and later as an independent company, we have been passionately serving our clients. Today, we generate impact for a few hundred strategic clients, including approximately one fifth of the Fortune Global 500, and have grown to over 70,000 people in 25 countries, with key offices in New York City. The resulting business process and industry domain expertise, and experience running complex operations, are a unique heritage and focus that help us drive the best choices across technology, analytics, and organizational design. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
Statements in this press release regarding the company's intention to repurchase shares of its common stock from time to time under its share repurchase program, the intended use of any repurchased shares and the source of funding are forward-looking statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the company's cash flows from operations, general economic conditions, and other factors identified in the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.
SOURCE Genpact Limited