eClerx Services soars 16% on board nod for share buyback

The stock hit 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.

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.