eClerx Services rose 10.50% to Rs 1,512.75 at 14:19 IST on BSE after the company said its board approved a proposal to buyback upto 12.90 lakh equity shares at Rs 2,000 each.
The announcement was made during trading hours today, 22 December 2017.Meanwhile, the S&P BSE Sensex was up 121.78 points, or 0.36% to 33,878.06.
On the BSE, 1.25 lakh shares were traded in the counter so far, compared with average daily volumes of 1,164 shares in the past two weeks. The stock had hit a high of Rs 1,589.55 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 1,368.95 so far during the day. The stock hit a 52-week low of Rs 1,141.65 on 25 September 2017.
eClerx Services said that its board of directors approved a proposal for buyback of equity shares of the company, subject to approval by the shareholders, for an aggregate amount not exceeding Rs 258 crore, being within 25% of the total paid-up equity capital and free reserves of the company as on 31 March 2017.
The company will buyback shares at a price not exceeding Rs 2,000 per equity share from all existing shareholders of the company on the record date to be fixed for the said purpose. At maximum buyback price, the buyback translates into approximately 12.90 lakh equity shares of the company, representing about 3.23% of the total paid up equity share capital of the company.
The board noted the intention of the promoters and promoter group of the company to participate in the proposed buyback.
As of 30 September 2017, the promoter and promoter group held 50.16% stake in eClerx Services.
On a consolidated basis, net profit of eClerx Services rose 11.66% to Rs 88.48 crore on 0.69% decline in net sales to Rs 330.88 crore in Q2 September 2017 over Q1 June 2017.
eClerx Services is one of India's leading process management and data analytics companies.
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