Rajani Associates recently acted as the legal advisors for the buy-back of equity shares of eClerx Services Limited (“eClerx”).
eClerx is one of India’s leading process management and data analytics companies and it provides critical business operations services to over fifty global Fortune 500 companies, including some of the world’s leading companies across financial services, cable & telecom, retail, fashion, media & entertainment, manufacturing, travel & leisure, software and high-tech.
Details of the Buy-Back:Â eClerx bought back 17,46,666 fully paid-up equity shares at a price of Rs. 1,500 per equity share for an aggregate amount of Rs. 262,00,00,000 (Rupees two hundred and sixty-two crores). The Buy-Back was undertaken on a proportionate basis from eligible shareholders through the tender offer process prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.
Emkay Global Financial Services Limited acted as Manager to the Buy-Back.
Scope of Work:Â The scope of work for Rajani Associates included:
- Conducting diligence on the company;
- Preparation, review, revisions and finalization of all Buy-Back related documentation including Public Announcement, Letter of Offer and other ancillary documents.Â
Transaction Team:Â Rahul Pandey, Senior Associate and Rishav Buxi, Associate, Rajani Associates, with special thanks to Sangeeta Lakhi, Senior Partner, Rajani Associates
Key Challenges:Â Conducting legal diligence and drafting of Buy-Back related documentation in a limited period of time.
Status:Â The tendering period for the Buy-Back offer opened on May 31, 2019 and closed on June 14, 2019. The Buy-Back price has been paid to the eligible shareholders whose shares have been accepted under the Buy-Back.
