eClerx Services gains on share buyback plan
The board will meet on August 8, to consider share buyback proposal.
eClerx Services is trading higher by 4% at Rs 768, in otherwise weak market, after the company said it is considering share buyback proposal.
The board of directors of the company will on August 08, 2013 be considering a proposal for buy-back of equity shares of the company, eClerx Services said in a regulatory filing.
The share buyback will not exceeding 10% of the aggregate of total paid- up equity capital and free reserves of the company, amounting to about Rs 410 crore, thus buyback size not exceeding Rs 40.98 crore, approximately, it added.
Currently, the promoters held 53.13% stake in the company. Foreign institutional investors held 21.38% holding, followed by domestic institutional investors (14.80%), while the remaining 10.69% stakes are with individual shareholders, bodies corporate and others.
The stock opened at Rs 770 and touched high of Rs 777 on NSE. A combined 16,437 shares changed hands on the counter till 1000 hours in NSE and BSE.
The board of directors of the company will on August 08, 2013 be considering a proposal for buy-back of equity shares of the company, eClerx Services said in a regulatory filing.
The share buyback will not exceeding 10% of the aggregate of total paid- up equity capital and free reserves of the company, amounting to about Rs 410 crore, thus buyback size not exceeding Rs 40.98 crore, approximately, it added.
Currently, the promoters held 53.13% stake in the company. Foreign institutional investors held 21.38% holding, followed by domestic institutional investors (14.80%), while the remaining 10.69% stakes are with individual shareholders, bodies corporate and others.
The stock opened at Rs 770 and touched high of Rs 777 on NSE. A combined 16,437 shares changed hands on the counter till 1000 hours in NSE and BSE.