eClerx Services grabs 16% on board nod for share buyback

Published: Wilson Clark

On: Dec 2017

As per the latest share market reports, eClerx services registered higher rate to its 52-week high around Rs 1,590, up 16 per cent on the BSE in noon deal, which came after the organization announced that its board approved buyback of shares at price of Rs 2,000 per share via tender offer.

eClerx services said in a statement that “The board has recently approved a proposal related to buyback of equality shares of the firm, that is for an aggregate amount not crossing Rs. 258 crore and also within 25 % of the total paid-up equality capital as well as free reserves of the company as on 31st of March 2017, that is counted at a price not more than Rs. 2,000 per equality share.”

eClerx Services soars 16 % on board

The eClerx services further added that “The buyback will be collecting from all the existing shareholders of the firm including promoters on the record for fixing date for the said purpose, on a correlative basis through tender offer route.”

At higher buyback price, the organization will buy back 1.29 million that equality shares represents about 3.24 per cent of the total paid up equality share capital of the firm as on March 31st, 2017.

As of 15th December, 2017, the promoters and promoter group carried out 50.11 % stake in eClerx Services.

And now according the recent buzz, the stock was trading 15 per cent higher at the rate of Rs.1, 571 on the BSE as compared to 0.53 per cent growth in the S&P BSE Sensex. In past two weeks, it is reported that a combined 1. 15 million shares changed on the counter against average sub 100,000 shares were traded daily on the BSE and NSE.