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eClerx Services which provides software services, has received approval from the board of directors for buyback of equity shares. The buyback will be for an amount not exceeding Rs.258 crore.
The buyback will be within 25% of the total paid up equity capital and free reserves of the company as on March 31,2107. The buyback of shares will be at a price not exceeding Rs.2000 per share.
eClerx stated, “At maximum buyback price, the buyback translates into approximately 12,90,000 equity shares, representing about 3.23 percent of the existing total paid up equity share capital of the company.” Further, the buyback will be managed by Emkay Global Financial Services.
