Sasken Comm shares zoom 20% as Spreadtrum to pay $45 mn to co

Shares of Sasken Communication Tech today soared 20 per cent after the company said it has reached a settlement with China-based semiconductor vendor Spreadtrum wherein the latter will pay USD 45 million as damages to it for unauthorised use of its protocol stack IP.
The stock surged 19.99 per cent to settle at Rs 379.40 on BSE.
At NSE, shares of the company skyrocketed 19.98 per cent to close at Rs 378.20.
In terms of volume, 2.10 lakh shares of the company changed hands at BSE and over 10 lakh shares were traded at NSE during the day.
"We wish to inform you that we have reached a settlement with Spreadtrum Communications and Beijing UniSpreadtrum Technology in connection with the unauthorised use of Sasken's protocol stack IP, by the said companies," the company said in a regulatory filing.

This settlement brings to an end the ongoing arbitration and terminates all ongoing obligations of the parties under the relevant agreements, Sasken said.
"Spreadtrum will pay Sasken USD 45 million as damages/ compensation before March 31, 2016 towards this settlement. The formal settlement document is expected to be finalised in the next few days," it added.