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| Sasken buys back shares worth Rs 15.48 cr |
| Press Trust of India / Mumbai Nov 04, 2008, 12:41 IST |
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Telecom software services provider Sasken Communication today said its promoters have bought back about 14.49 lakh shares worth Rs 15.48 crore from the open market under its buyback offer.
The promoters purchased 14.49 lakh shares, of a face value of Rs 10 each, at an average buyback price of Rs 106.80, a company filing to the Bombay Stock Exchange said.
Sasken Communication, whose buyback opened on September 15 and closed on October 24, said it had completed the payout formalities of the offer today.
In April, Sasken had announced a re-purchase of shares from the open market for a price up to Rs 260 a share for an aggregate amount not exceeding Rs 40 crore.
As of September 30, the promoters held a 26.44 per cent stake in Sasken Communication Technologies.
In September, the Bangalore-based telecom firm received a go-ahead from the Securities Appellate Tribunal (SAT) to proceed with its proposed Rs 40 crore share buyback offer, on which market regulator SEBI's approval was pending.
While the company wanted to go ahead with the buyback based on conditions that it had notified, SEBI had imposed certain terms in the implementation of the buyback of shares.
For the September quarter, Sasken Communication reported a 28 per cent dip in its net profit at Rs 14.33 crore. The firm's revenue rose 23 per cent to Rs 176.30 crore.
Shares of Sasken were trading at Rs 79.80, up 1.40 per cent on the BSE.
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