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Shares of Sasken Communication Technologies have moved higher by 14% to Rs 275 on the Bombay Stock Exchange (BSE) after the information technology company announced share buyback plan.
“A meeting of the board of directors of the company will be held on April 23, 2015, to consider a proposal for buy-back of equity shares of the company up to such amount of the aggregate of company’s paid up equity capital and free reserves,” Sasken Communication Technologies said in a release on the BSE.
The board will also consider a proposal for payment of dividend and the audited financial results of the Company for the quarter and year ended March 31, 2015, it added.
The stock opened at Rs 243 and touched a low of Rs 236 on the BSE before the share buyback plan announcements. The trading volumes on the counter almost doubled with a combined 514,281 shares changed hands on the BSE and NSE.
At 1442 hours, the stock was up 7% at Rs 260 on the BSE.
“A meeting of the board of directors of the company will be held on April 23, 2015, to consider a proposal for buy-back of equity shares of the company up to such amount of the aggregate of company’s paid up equity capital and free reserves,” Sasken Communication Technologies said in a release on the BSE.
The board will also consider a proposal for payment of dividend and the audited financial results of the Company for the quarter and year ended March 31, 2015, it added.
The stock opened at Rs 243 and touched a low of Rs 236 on the BSE before the share buyback plan announcements. The trading volumes on the counter almost doubled with a combined 514,281 shares changed hands on the BSE and NSE.
At 1442 hours, the stock was up 7% at Rs 260 on the BSE.
