Sasken Communication Technologies Ltd today announced, the board of the directors has decided on buy-back of company`s equity shares of Rs 10 each from the existing owners of shares from open market through stock exchanges.
It decided to pay price upto Rs 180 a share in cash for an aggregate amount not exceeding Rs 864.8 million.
The offer size represents 22% of the aggregate of the company`s paid up equity capital and free reserves as on Mar. 31, 2011.
Shares of the company gained Rs 16.25, or 13.20%, to trade at Rs 139.50. The total volume of shares traded was 1,241,289 at the BSE.
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