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EXL (NASDAQ:EXLS), a leading data analytics and digital operations and solutions company, today announced that, as part of its capital allocation program, it has entered into an accelerated share repurchase agreement (the "ASR") with Citibank, N.A. to repurchase $125 million of the company's common stock.
"Embracing a differentiated data- and AI-led strategy has empowered EXL to provide a richer value proposition for our clients, enhancing operational efficiencies, improving customer service and delivering value at an accelerated pace," said Rohit Kapoor, vice chairman and chief executive officer of EXL. "The ASR reflects our steadfast dedication to maximizing stockholder value while driving innovation and growth."
Under the ASR, the company will pay an aggregate amount of $125 million to Citibank for an initial number of shares of the company's common stock at the beginning of the transaction. The company plans to fund the repurchase with available cash on hand and/or borrowing from its credit facility. The ultimate number of shares of common stock that the company will repurchase under the ASR Agreement will be based on the average of the daily volume-weighted average prices of the common stock during the term of the ASR, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR. The ASR is a part of the company's current $500 million stock repurchase program.
Posted In: EXLS
