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Business News/ Markets / Stock Markets/  eClerx buyback 2022: IT major announces record date for buyback of shares

Buyback of shares 2022: IT consulting and outsourcing multinational company eClerx Services Ltd has announced record date for buyback of shares. The board of directors of the Mumbai-based IT company has fixed 27th December 2022 as record date for buyback of shares. The IT company's board also approved share buyback price at 1,750 per equity share, which is more than 25 per cent of current eClerx Services share price of 1,380 apiece on NSE.

Informing Indian stock market exchanges about the developments in buyback of shares, eClerx Services Ltd said, "This is to inform that the Buy Back Committee of the Board of Directors of the Company at the meeting held today i.e. December 15, 2022, which commenced at 11.00 am and concluded at 12.10 PM, inter-alia, approved final Buy Back price of 1,750/- (Rupees One Thousand Seven Hundred and Fifty Only) per equity share (the "Buy Back Price") and the aggregate amount of Buy Back up to 3,000 Million (Rupees Three Thousand Million Only) (the "Buy Back Size") excluding any expenses incurred or to be incurred for the Buy Back viz. brokerage costs, fees, turnover charges, taxes such as securities transaction tax and goods and services tax (if any), tax on distributed income on Buy Back, stamp duty, advisors fees, filing fees, public announcement expenses, printing and dispatch expenses, if any, and other incidental and related expenses and charges etc."

The Indian IT major went on to add that with the buyback price of 1,750 per equity share and the buyback size of up to 300 crore, the total number of shares to be bought back in the buyback shall be up to 17,14,285 (Seventeen Lakh Fourteen Thousand Two Hundred and Eighty Five) 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.

eClerx Services buyback record date

Explaining the entitlement for eClerx Services buyback of shares, the IT company said, "The company board has fixed Tuesday, December 27, 2022, 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."

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.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Updated: 15 Dec 2022, 02:19 PM IST
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