Sasken Communication hits 52-week high ahead of board meeting

The stock was up 8% at Rs 448 in intra-day trade on the BSE

Sasken Communication Technologies hit a 52-week high of Rs 448, up 8.5% on the BSE in intra-day trade, ahead of the board meeting on Friday to finalize share buyback price and to fix the record date.

“A meeting of the Buy-back Committee of the board of directors of the company will be held on December 23, 2016, inter alia, to finalize the price at which the shares will be bought back and to fix the record date to ascertain the shareholders who are eligible to participate in the buy-back,” Sasken Communication Technologies said in a BSE filing.

The board of directors of the company at its meeting held on October 27, 2016 had already approved the buy-back up to 2.82 million equity shares (representing 15.94% of the total paid-up equity share capital of the company) at a maximum price of Rs 425 per share payable in cash for a total consideration not exceeding Rs 120 crore.

The company will buy back shares from all the equity shareholders / beneficial owners of equity shares of the company, as on the record date, on a proportionate basis through the "Tender Offer" route using stock exchange mechanism, it added.

In past one-month, the stock appreciated by 15% as compared to 2% rise in the S&P BSE Sensex.

At 10:02 am; it was up 3% at Rs 426 on the BSE against 0.15% rise in the benchmark index. A combined 162,884 shares changed hands on the counter so far against an average sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.