eClerx Services Limited (NSEI:ECLERX) announces a share repurchase program. Under the program, the company will repurchase up to INR 3,000 million worth of its shares. The shares will be repurchased at a price not exceeding INR 1,900 per share. The offer will be funded from the current surplus and/or cash balances and/or current investments and/or cash available from internal resources of the company and/or free reserves and/or securities premium account and/or other sources as may be permitted by law. The purpose of the offer is to return surplus funds to the shareholders thereby enhancing the overall return to shareholders; to achieve an optimal capital structure; to improve return on equity due to reduction in the equity base, thereby leading to long term increase in shareholders' value and to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment. The repurchased shares will be extinguished and physically destroyed. The share repurchase program is subject to approval of shareholders by way of a special resolution through a postal ballot. The offer will be valid till February 16, 2023. As of November 4, 2022, the company had 50,739,644 issued and outstanding shares.

On December 15, 2022, the company announced that it will repurchase 17,14,285 shares, representing 3.38% of its issued share capital and fixed the buyback price at INR 1,750 per share. The company also announced that it has set December 27, 2022, as the record date for the offer.