Eclerx Services utilize 100% of Rs109.50cr buyback; stock plunges 3%

Exclerx whose buyback commenced on July 10, 2020, bought back 2,093,815 equity shares at a price band of Rs522.97 per share.

Jul 23, 2020 02:07 IST India Infoline News Service

Eclerx Services has completed its buyback issue. The company intimated exchanges that the Buy-Back Committee on July 22, has utilized Rs109.50cr which is  100% of the maximum buyback and has approved the closure of the same.

Eclerx whose buyback commenced on July 10, 2020, bought back 2,093,815 equity shares at a price band of Rs522.97 per share.

In its filing to exchanges, Eclerx said, "the Buy-Back Committee of the Company vide its resolution by way of circulation passed today i.e., Wednesday, July 22, 2020, took on record that the Company has utilized Rs109.49cr, which is 100% of the Maximum Buy Back Size (excluding transaction costs) and therefore, approved the closure of the buyback with effect from today i.e., Wednesday, July 22, 2020, before the scheduled closure date of Buy Back."

It further added that the company will extinguish 2,093,815 equity shares following the provisions of the Buy-Back Regulations.

At around 2.34 PM, Eclerx stock was trading at Rs481.80 per piece down by 3.10% on Sensex. The stock has touched an intraday high and low of Rs503.65 per piece and Rs480.30 per piece respectively. 

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