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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.
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