Sasken surges on shareholders nod for share buyback

Sasken Communications has surged 12% to Rs 132 on receiving shareholders approval for buyback of company’s equity shares at maximum price of Rs 180 per share through Postal Ballot.

The board of directors of IT consulting and software firm have already approved the buyback of company's equity shares of Rs 10/- each from the existing owners of shares from open market through stock exchanges payable in cash for an aggregate amount not exceeding Rs 86.48 crore.

The offer size represents 22% of the aggregate of the company's paid up equity capital and free reserves as on March 31, 2011.

A combined around 120,000 shares have changed hands on the counter in morning deals on the NSE and BSE.