On March 16, 2026, ExlService Holdings, Inc. announced that it has entered into a fixed dollar accelerated share repurchase (ASR) transaction with Morgan Stanley & Co. LLC. This transaction involves the repurchase of $125 million worth of the company's common stock, which is part of a broader $500 million share repurchase authorization approved by the company's Board of Directors in February 2026. Under the terms of the ASR agreement, ExlService made an initial payment of $125 million to Morgan Stanley and received an initial delivery of approximately 3.35 million shares of its common stock, valued at around $100 million based on the closing price on March 16, 2026. The final number of shares to be repurchased will be determined based on the volume-weighted average price of the stock during the valuation period, subject to adjustments as outlined in the ASR agreement. The company plans to fund this share repurchase using cash on hand and borrowings from its existing credit facility. This strategic move is expected to enhance shareholder value by reducing the number of outstanding shares, thereby potentially increasing earnings per share. Additionally, the company announced that Nitin Sahney, a member of the Board, will not seek re-election at the upcoming annual meeting, although his decision was not due to any disagreements with the company’s management or policies. The ASR transaction is anticipated to be completed by the second quarter of 2026, with the final settlement date to be determined by Morgan Stanley.

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