Shares of Hinduja Global Solutions (HGS) were locked at the 20 per cent lower circuit at Rs 2,927.80 on the BSE in Friday’s trade on profit booking after the company announced 1:1 bonus share and an interim dividend of Rs 150 per share.
Till 09:30 am; a combined around 420,000 equity shares had changed hands and there were pending sell orders for 368,000 shares on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.7 per cent at 60,001.
The stock of the company engaged in Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) had hit a record high of Rs 3,948 on Tuesday, January 4, 2022 after the company intimated stock exchanges regarding board meeting for considering interim dividend and a proposal for bonus issue of equity shares. In the past one month, the stock had rallied 24 per cent, as compared to a 5 per cent rise in the S&P BSE Sensex till Thursday.
The board had recommended bonus shares in the proportion of 1 equity share for every 1 existing equity share held by the shareholders/ members of the company as on the record date, HGS said in an exchange filing.
The board also declared its third interim dividend of Rs 150 per share (1500 per cent) for the financial year 2021-22 and fixed January 18, 2022 as the “Record Date” for the payment of this dividend.
The HGS board, in their meeting held on August 09, 2021, had approved the sale of its healthcare services business (‘HS Business’) to wholly-owned subsidiaries of Betaine BV, which is owned by funds affiliated with Baring Private Equity Asia.
“Effective January 6, 2022, the HS Business and relevant subsidiaries stand sold/ transferred to Investor. The transaction was based on an enterprise value of $1,200 million subject to closing adjustments and resulted in inflows of $1088 million,” HGS said.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU