eClerx Services hit a new 52-week high today at Rs.1755, with a 11.55 times rise in volumes.

The much awaited Board meeting was held yesterday and it approved the proposal for buyback of equity shares of the company for an aggregate amount not exceeding Rs.234 crore. The buyback price was fixed at Rs.2200/share.

The buyback from the existing shareholders will be through the tender offer route.

At maximum buyback price, the buyback translates into approximately 10.68 lakh equity shares of the company, representing about 2.62% of the total paid up equity share capital of the company as on 31 March 2016.

The promoters and promoter group of the company intend to participate in the proposed buyback.