eClerx to consider share buy-back worth over Rs 40 crore

NEW DELHI: Knowledge process outsourcing ( KPO) firm eClerx Services today said its board will consider a proposal for share buy-back of over Rs 40 crore.

In a filing to the BSE, the Mumbai-based firm said:"The board of directors of the company will on August 8, 2013 be considering a proposal for buy-back of equity shares of the company."

The filing further added that as per regulations the buy back should not exceed 10 per cent of the aggregate of total paid-up equity capital and free reserves of the company, amounting to about Rs 409.82 crore.

"...thus buyback size not exceeding Rs 40.98 crore, approx," it said.

Founded in 2000, eClerx is a KPO providing middle and back office operations support to over 30 Fortune 500 companies. Its clients include companies in e-commerce, retail, high tech, software, manufacturing, media, travel and financial services.

The company employs about 6,000 people and has five delivery centres across the country.