Sasken gets shareholders' nod for Rs 120 cr buyback

Sasken Communication Technologies today said it has received shareholders approval for buyback of up to 28.24 lakh equity shares, at a price not exceeding Rs 425 per share for a total consideration of about Rs 120 crore.
"...The consent of equity shareholders of the company be and is hereby accorded for the buyback of full paid up equity shares of the company having face value of Rs 10 each up to 28,24,544 equity shares (representing 15.94 per cent of the total paid up equity share capital of the company) at a price not exceeding Rs 425 per equity share payable in cash for a total consideration not exceeding Rs 12,004.31 lakh...," the company said in a BSE filing.

The company further said that approval has also been received for changing the name of the company from 'Sasken Communication Technologies' to 'Sasken Technologies Ltd'.