eClerx Services fall as stock turn ex-date for buyback

eClerx Services was trading lower by 9% to Rs 1,515 on the National Stock Exchange (NSE) after the stock turn ex-date for buyback.

The company fixed October 28, 2016 as the record date for ascertaining entitlement for buyback of equity shares. It will buy back shares on proportionate basis from existing shareholders through the tender offer route.

The share buyback committee of board of directors of the company at its meeting held on October 14, 2016, had determined the final buyback price of Rs 2,000  and the final amount for buyback to be Rs 234 crore.

The total number of shares to be bought back in the buyback shall be 1.17 million equity shares, representing about 2.87% of the total issued and paid-up equity capital of the company as on March 31, 2016.

Since October 14, the stock had outperformed the market by gaining 10%, as compared to 0.59% rise in the Nifty50 index till Wednesday.

The stock hit an intra-day low of Rs 1,510 on NSE in intra-day trade today. A combined 41,301 shares changed hands on the counter on NSE and BSE till 12:11 pm.