Home NewsStock Market News eClerx share buyback: eClerx announces Rs 300 crore share buyback at over 38% premium

eClerx share buyback: eClerx announces Rs 300 crore share buyback at over 38% premium

by WOOWinvest
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eClerx share buyback: eClerx announces Rs 300 crore share buyback at over 38% premium


eClerx has announced Rs 300 crore share buyback for an amount worth Rs 300 crore through the tender offer route at a price of Rs 1,900 per share.

The buyback price is at a 38% premium in comparison to the Thursday’s closing price of Rs 1,374 per share.

At the buyback price of Rs 1,900 per share for the suggested buyback size, the maximum number of equity shares proposed to be bought back would be 15,78,947 shares.

Post the share buyback announcement, shares of eClerx in Friday’s session ended higher by over 2% at Rs 1402.65 per share

The proposed buy back is subject to approval of shareholders by way of a special resolution through a postal ballot.

Shares of eClerx over a 3-year period has reaped multibagger returns to the tune of 375%, while in the last 1 year, it has given negative return of 11%. eClerx is a smallcap IT company with a m-cap of around Rs 7,100 crore.

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