Genpact To Repurchase Up To $300 Mln Of Shares Through Modified DA Tender Offer

(RTTNews) - Genpact Ltd. (G) said Wednesday that it plans to purchase up to $300 million of its common shares through a modified "Dutch auction" tender offer that it expects to commence on March 6.

Under the terms of the tender offer, Genpact's 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 $18.00 per share. Based on the number of shares tendered and the 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million in shares, or such lower amount depending on the number of shares that are properly tendered and not properly withdrawn. All shares accepted in the tender offer will be purchased at the same price, regardless of whether a shareholder tendered such shares at a lower price within the range.

At the minimum price of $16.50 per share, Genpact would repurchase a maximum of 18,181,818 shares, or about 8% of its outstanding common shares as of February 28.

The tender offer will expire on April 2, unless extended or withdrawn.

Genpact plans to finance the share repurchase from available cash and cash equivalents and borrowings under its existing credit facility.