Hexaware Celebrates 20th Anniversary
Online, January 17, 2011 (Newswire.com) - Hexaware Technologies Limited, a leading global provider of IT, BPO and consulting services, today announced in its board meeting special rewards to its shareholders in the form of 1:1 bonus share issue and 50% special interim dividend to celebrate the 20th anniversary of the company. Speaking on this occasion, Atul Nishar, Chairman, Hexaware Technologies Limited, said "The bonus issue is to reward shareholders on completion of 20 years. The bonus is more relevant as we are quite positive about growth and margin expansion going forward, which allows us to offer a consistent stream of healthy dividend outflows even on an expanded share capital base."
Issuance of Bonus Shares
On the 20th anniversary of the Company, the Board of Directors today recommended a commemorative issue of Bonus shares to equity shareholders in the ratio of 1:1, i.e. one additional equity share for every existing equity share, by capitalizing a part of the general reserves. This issue is subject to shareholders' approval at the Extra-ordinary General Meet scheduled for 15th February 2011. Bonus shares shall be credited on or before March 9, 2011.
The paid-up equity share capital of the Company was ` 290 million and the Reserves and Surplus were approximately ` 9,351 million as at September 30, 2010. The Company's issued equity shares were 145,200,980 including 10,645,480 American Depository Receipts and Global Depository Receipts representing 10,645,480 underlying equity shares. Consequent to the proposed issuance of bonus shares, the company's issued equity shares would increase to 290,401,960 and the equity share capital would expand to ` 580 million.
Special Interim Dividend
To mark the 20th anniversary, the Board of Directors also declared a special interim dividend of ` 1 per share (50%) on equity shares of ` 2 each. The Record Date for the same has been fixed as 21st January, 2011 for determining the shareholders entitled for this Special Interim dividend. Special Interim Dividend shall be paid to the shareholders on or before January 28, 2011. The Company had earlier paid 30% interim dividend after announcing half-yearly results for the period ending June 30, 2010 and the Company is scheduled to announce final dividend while reporting full-year 2010 results.
Notes to Editor
About Hexaware
Hexaware is a leading global provider of IT & BPO services and consulting. The Company focuses on key domains such as Banking, Financial Services, Insurance, Travel, Transportation, Hospitality, Logistics, Life Sciences and Healthcare. Our business philosophy, "Your Success is Our Focus", is demonstrated through the success we ensure for our clients. Hexaware focuses on delivering business results and leveraging technology solutions by specializing in Business Intelligence & Analytics, Enterprise Applications, Quality Assurance and Testing, Remote Infrastructure Management Services and Legacy Modernization. Founded in 1990, Hexaware has a well-established global delivery model armed with proven proprietary tools and methodologies, skilled human capital and SEI CMMI-Level 5 certification. For additional information logon to www.hexaware.com
Safe Harbour Statement
Certain statements on this press note concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.