Board of Sasken Communication Technologies approves buyback of equity shares

At meetign held on 27 October 2016

Sasken Communication Technologies announced that the Board of Directors of the Company at its meeting held on 27 October 2016 from 4.30 p.m. to 8.30 p.m., inter alia, has unanimously approved the Buy-back of fully paid up Equity Shares by the Company having face value of Rs.10 each ("Equity Share") up to 28,24,544 Equity Shares (representing 15.94% of the total paid-up equity share capital of the Company) at a maximum price of Rs.425 ("Maximum Buy-back Price") per Equity Share payable in cash for a total consideration not exceeding Rs.12,0.04 crore excluding transaction costs viz. fees, brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty, etc., ("Transaction Costs") (hereinafter referred to as Maximum Buy-back Size"), which is within the limit of 25% of the total paid-up equity capital and free reserves (including securities premium account) as per the audited accounts of the Company for the financial year ended 31 March 2016, (standalone basis) from all the equity shareholders / beneficial owners of Equity Shares of the Company, as on the record date, on a proportionate basis through the "Tender Offer" route using stock exchange mechanism as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 as amended ("Buy-back Regulations") and the Companies Act, 2013 ("Act") and rules made thereunder ("Buy-back"), subject to the approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other applicable statutory approvals. The approval of the members will be sought to authorise the Board of Directors to fix the final Buy-back Price at which the Buy-back will be made at the time of making Public Announcement.

The Public Announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buy-back Regulations.

 

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