Eclerx Serv up on buyback

Eclerx Services is doing pretty well today morning, up over 4.5% at Rs.774.95, with an intra day high at Rs.777. Volumes remain a bit muted at around 1600 shares.

The stock is up in the green after the company announced yesterday evening that its board of directors on August 8, 2013 will be considering a proposal for buy-back of equity shares of the company. It has stated that the buy back will not 10% of the aggregate of total paid-up equity capital and free reserves of the company, amounting to about Rs 409.82 crore. This means that the buyback size will not exceed Rs.40.98 crore.

As at 30^th June 2013, promoters hold 53.13%, FIIs hold 21.38%, DIIs hold 14.80% while the others hold 10.69%.