Shares of Eclerx Services surged 11 % to Rs 528 on the BSE on Monday after the company's board approved a share buyback proposal worth up to Rs 109.5 crore. The board has approved the buy-back of the company's equity shares for an aggregate amount not exceeding ₹1,095 million, at a price not exceeding ₹550 apiece. Emkay Global Financial Services Limited has been appointed as the manager to the buyback. The buyback represents 9.98 per cent and 8.37 per cent of the total paid-up equity share capital and free reserves of the company based on the latest standalone and consolidated audited financial statements of the company. As of 31 March, promoters held 50.76% in the company, while mutual funds held 21.11%, followed by foreign portfolio investors with 17.56% and the public shareholding at 5.96%. During the financial year 2019-20, Eclerx had concluded the buyback of 1.75 million equity shares of Rs 10 each, at a buyback price of Rs 1,500 per share and total buyback amount of Rs 262 cr.