eClerx Services to do share buyback of Rs 300 crore

16 Dec 2022 , 07:54 AM

On Thursday, eClerx Services announced a Rs300 crore share repurchase. The ultimate repurchase price set by the business is Rs1,750, which represents a premium of more than 25% over the NSE’s previous day’s closing price of Rs1,397 per share.

Up to 17,14,285 units of shares, or 3.38% of the total shares in the company’s paid-up equity share capital, will be repurchased in the entire offering.

For the purpose of identifying the names of equity shareholders who are qualified to take part in the buyback and their entitlements, the business has set December 27, 2022, as the record date.

The business previously conducted a share repurchase in 2021 for a total of Rs303 crore. At that time, the buyback price was set at Rs2,850 per share.

After providing returns of 312% over the previous three years, eClerx stock has plummeted over the past year, producing a negative return of nearly 7%.

Business process management, automation, and analytics solutions are provided by eClerx Services.

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