Sasken gets SAT approval for buybackSecurities Appellate Tribunal (SAT) has allowed Sasken Communication Technologies Ltd to proceed with the buyback of its shares.
06 Sep 2008
Securities Appellate Tribunal (SAT) has allowed Sasken Communication Technologies Ltd to proceed with the buyback of its shares. Sasken had appealed to SAT to allow it to continue with its original plan to buyback its shares. SAT resolves disputes between the capital markets regulator Securities & Exchange Board of India and other parties.
The buyback was deferred after Securities and Exchange Board of India (SEBI) had imposed certain conditions and directives on Sasken in implementing its proposed buyback offer for equity shares of Rs. 10 each.
Sasken had announced the buyback from open market which was priced up to Rs 260 a share for an aggregate amount not exceeding Rs 40 crore in April. As on March 31, the offer size represents 9.45 per cent of the aggregate of the company's total paid-up equity capital and free reserves
On September 5, 2008, the company's script closed at Rs 142.30 at BSE and recorded an increase of 0.53 percent.