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Bangalore, Sept. 5 Sasken Communication Technologies Ltd said on Friday that the Securities Appellate Tribunal (SAT) has allowed the company to proceed with the buyback of its shares. Sasken had appealed to SAT, which resolves disputes between the capital markets regulator Securities & Exchange Board of India and other parties, to allow it to proceed with its original plan to buyback its shares.

The buyback was delayed after SEBI had imposed certain conditions and directives on Sasken in implementing its Rs 40 crore proposed buyback offer. In April, Sasken had announced a buyback of its equity shares of Rs 10 each face value from the open market. The buyback was priced up to Rs 260 a share for an aggregate amount not exceeding Rs 40 crore. The offer size represents 9.45 per cent of the aggregate of the company’s total paid-up equity capital and free reserves as on March 31. Shares of Sasken ended marginally higher at Rs 142.30, up 0.53 per cent, on the BSE on Friday.

More Stories on : Buyback | Software | Courts/Legal Issues

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