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The shareholders have provided their approval to Sasken Communication Technologies 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 company has said in a BSE filing that “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 percent 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…”
It further said that the approval has also been received to change the name of the company from ‘Sasken Communication Technologies’ to ‘Sasken Technology Ltd’.
