Eclerx surges 11% as board to consider share buyback proposal today

ICICI Securities believe the company has potential to do a buyback in the range of Rs 200-250 crore, which is around 10- 15 per cent of the company's market cap

Shares of Eclerx Services surged 11 per cent to Rs 528 on the BSE on Monday after the company said its board will meet later in the day to consider a share buyback proposal.

“A meeting of board of directors of the Company is scheduled to be held on Monday, July 6, 2020 to consider and approve, inter-alia, the proposal for buy-back of fully paid-up equity shares of face value of Rs 10 each of the Company,” Eclerx said in a regulatory filing on Friday after market hours.

As of March 31, 2020, the promoters held 50.76 per