Bengaluru-based Sasken Communication will buy back around 41.57 lakh shares through a tender offer.
The board has approved this buyback which involves 41.57 lakh shares at ₹10 from existing shareholders at a price of ₹260 a share. This is payable in cash up to ₹108 crore, which is less than 25 per cent of the total paid-up capital and reserves of the company. Sasken shares closed lower by 2.4 per cent at ₹247 on BSE.
Currently, about 27,600 small investors hold a 23.67 per cent stake in Sasken and 55 HNIs own 8.82 per cent. FIIs hold a 2.91 per cent stake in the company and domestic funds control 10.57 per cent. Further, the Sasken board has recommended a final dividend of ₹4.50 an equity share for FY15, which adds up a dividend of ₹27 an equity share of ₹10 each.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.