eClerx Services moved higher to its 52-week high of Rs 1,590, up 16% on the BSE in noon deal, after the company announced that its board approved buyback of shares at price of Rs 2,000 per share through tender offer.
“The board approved a proposal for buyback of equity shares of the company, for an aggregate amount not exceeding Rs 258 crore and being within 25% of the total paid-up equity capital and free reserves of the Company as on March 31, 2017, at a price not exceeding Rs 2,000 per equity share,” eClerx Services said in a statement.
The buyback will be from all existing shareholders of the company including promoters on the record date to be fixed for the said purpose, on a proportionate basis through "Tender Offer" route, it added.
At maximum buyback price, the company will buy back 1.29 million equity shares representing about 3.24% of the total paid up equity share capital of the Company, as on March 31, 2017.
As of December 15, 2017, the promoter & promoter group held 50.11% stake in eClerx Services.
At 01:32 PM; the stock was trading 15% higher at Rs 1,571 on the BSE, as compared to 0.53% rise in the S&P BSE Sensex. A combined 1.15 million shares changed hands on the counter against an average sub 100,000 shares were traded daily in past two weeks on the BSE and NSE.