Knowledge process outsourcing firm eClerx Services on Friday said it will buy-back equity shares worth over Rs 40 crore through open market.
In a filing to the BSE, the Mumbai-based firm said: "The board of directors of the company at its meeting held on August 8, 2013, inter-alia, has approved the proposal for buy-back of equity shares of the company...up to an aggregate amount of Rs 40.50 crore."
As per regulations, the number of shares to be bought should not exceed 10 per cent of total paid-up capital and free reserves as per audited balance sheet as at March 31, 2013, it added.
"The buy-back shall be under the open market mechanism through the stock exchanges, BSE and NSE, at a price not exceeding Rs 825 per equity share of RS 10 each and aggregate consideration for buy-back not exceeding Rs 40.50 crore." it said.
The public announcement about the details of the buy-back and other requirements will be released in due course, it added.
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.