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The board of directors of eClerx Services on Friday approved a proposal for buyback of equity shares of the company. The buyback will be for an amount not exceeding ₹258 crore, being within 25 per cent of the total paid-up equity capital and free reserves of the company as on March 31, 2017. The buyback will be done through the tender offer route, and the company will offer a maximum price of ₹2,000 a share to all shareholders as on the record date. At the maximum price, the buyback translates into approximately 12.90 lakh shares, representing about 3.24 per cent of the total paid-up equity share capital, as on March 31, 2017. The board has also noted the intention of the promoter group to participate in the proposed buyback. Shares of eClerx jumped 10.74 per cent at ₹1,516 on the BSE.
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