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Our Bureau

Hyderabad , Oct. 5

Sankhya Infotech Ltd, a technology provider for aviation and oil and gas companies, has announced plans to buy back shares from the Bhubaneswar Stock Exchange.

The company would soon finalise the appointment of a merchant banker for buyback of shares from its shareholders based in the eastern part of India.

Mr Sridhar Nadupalli, CEO of Sankhya Infotech, said in a statement:, "We are keen to provide exit option for shareholders of the company since there is no trading in Bhubaneswar Stock Exchange for several months. The company has decided to provide an exit route through this buyback offer."

Explaining the process, Mr Nadupalli said "an open offer would be made subject to SEBI guidelines and other regulatory compliance requirements to buy back shares from holders who do not have this option through Bhubaneswar exchange."

"We were initially based at Bhubaneswar and moved to Hyderabad about one-and-a-half years ago. The company recorded revenues of Rs 15.85 crore and a profit of Rs 4 core last fiscal," he told Business Line.

Asked if the buyback was a precursor to eventual de-listing, he said no decision had been taken yet.

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Sankhya Info plans buyback

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