Shares of IT firm eClerx fell over 1 per cent in Thursday’s trade after its board approved a share buyback proposal. The meeting commenced at 11 am and concluded at 12.10 pm.
The company board has okayed a final buyback price of R 1,750 per share. The buyback size is up to Rs 300 crore, which excludes any expenses incurred such as brokerage costs, fees, turnover charges, taxes such as securities transaction tax and goods and services tax, tax on distributed income on buy back, stamp duty, advisors fees, filing fees, public announcement expenses, printing and dispatch expenses. The buyback size also excludes incidental and related expenses and charges.
At this buyback price and offer size, eClerx would buy back up to 17,14,285 equity shares, representing 3.38 per cent of the total number of equity shares in the total paid up equity share capital of the company.
The company has fixed Tuesday, December 27, as the record date for the purpose of determining the names of the equity shareholders who are eligible to participate in the buy back and their entitlements.
On December 27, the company would determine shareholders who would be eligible to participate in the share buyback; the shareholders to whom the letter of offer and tender offer form will be delivered in relation to the buy back; and the entitlement of equity shareholders in the buyback would also be determined on the same date.
“The aforesaid terms of buy back are within the maximum limits approved by the board of directors at its meeting held on November 10, 2022, and as approved by the shareholders by way of a special resolution through postal ballot, results of which were announced on December 14, 2022,” the company said.
At 1 am, the scrip was trading at Rs 1,378.25 on BSE, down 1.41 per cent.
eClerx provides business process management, automation and analytics services to enterprises, including companies in financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure, and technology businesses.
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