The Board of directors of Sasken Technologies Ltd has unanimously approved the proposal to Buy-back up to 19,98,678 fully paid up Equity Shares of the Company having face value of Rs.10 each ('Equity Share[s]') (representing 11.680% of the total number of equity shares of the Company) at a price not exceeding Rs.850 (Rupees Eight Hundred Fifty only) per Equity Share ('Maximum Buy-back Price') payable in cash for a total consideration not exceeding Rs.16988.76 lakhs (Rupees One Hundred Sixty Nine Crores and Eighty Eight Lakhs and Seventy Six Thousand), excluding transaction costs viz. fees, public announcement publication expenses, printing and despatch expenses, brokerage, applicable taxes such as Securities Transaction Tax, Goods and Service Tax, stamp duty, etc. and other incidental and related expenses ('Transaction Costs') (hereinafter referred to as 'Maximum Buy-back Size'), which is 24.96% and 25.00% of the total paid-up equity capital and free reserves (including securities premium account) as per the audited financial statements of the Company for the financial year ended March 31, 2019, on standalone and consolidated basis respectively, through the 'Tender Offer' route as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018 ("Buy-back Regulations") and the Companies Act, 2013 ("Act") and rules made thereunder ("Buy-back"), on a proportionate basis from the equity shareholders / beneficial owners of Equity Shares of the Company, as on the record date to be decided at a later stage, subject to the approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other applicable statutory / regulatory approvals.
The approval of the members will be sought to authorise the Board of Directors and / or Buy-back Committee to fix the final Buy-back Price, i.e. specific price at which the Buy-back will be made at the time of making Public Announcement.
Members of the Promoter and Promoter Group, Persons Acting in Concert, Key Managerial Personnel of the Company have indicated their intention that they may decide to participate in the proposed Buy-back.
The Company has formed a Committee to oversee and implement the Buy-back and to do all such acts, deeds, matters and things as it may, in its absolute discretion deem necessary, expedient, usual or proper in connection with the proposed Buy-back.
Shares of Sasken Technologies Ltd was last trading in BSE at Rs.707 as compared to the previous close of Rs. 715.85. The total number of shares traded during the day was 1289 in over 132 trades.
The stock hit an intraday high of Rs. 715.35 and intraday low of 706. The net turnover during the day was Rs. 915469.