eClerx Services' board approves up to Rs 109.5-crore buyback offer

Knowledge Process Outsourcing (KPO) services provider eClerx Services on Monday said its board has approved a buyback programme worth up to Rs 109.5 crore. "...the board of directors of the company...approved the buy back of company's equity shares for an aggregate amount not exceeding Rs 1,095 million at a buy back price not exceeding Rs 550 per equity share from the shareholders/beneficial owners of the company (other than those who are promoters, members of the promoter group and persons in control of the company)...," eClerx said in a regulatory filing.

The buyback represents 9.98 per cent and 8.37 per cent of the total paid up equity share capital and free reserves of the company based on the latest standalone and consolidated audited financial statements of the company, respectively, it added.

The indicative maximum number of equity shares proposed to be bought back would be 19.90 lakh shares, it said.

The board has constituted a committee for the purpose of buyback, and public announcement setting out the details of the programme will be released in due course, it noted.

As on July 3, promoters held 53.65 per cent share in the company.

Shares of the company were trading 2.02 per cent higher at Rs 485.90 apiece on the BSE.