Sasken gets final nod from SAT for share buyback
MUMBAI, Sept 26 (Reuters) - Telecoms software services firm Sasken Communication Technologies Ltd (SKCT.BO: Quote, Profile, Research) has been allowed to go ahead with its buyback by the Securities Appelate Tribunal (SAT), a top official said on television.
The company has already brought back about 3,60,000 shares, at a price of 136.4 per share till Thursday, Neeta Revanan, chief financial officer, told television channel NDTV Profit on Friday.
The share buyback began on September 15 and the company has spent 40 million rupees on it till Thursday, she said.
The firm intends to buy minimum 4,00,000 shares and plans to finish the buyback before April 17, 2009, she added..
Sasken had announced a share buyback via a public announcement in April this year. On May 2, it postponed the buyback pending approval from SEBI, which had imposed certain conditions and directives regarding the buyback.
The software firm had then filed an appeal before the tribunal on August 26, saying it should be allowed to proceed with the buyback with the same conditions as set out in its original announcement.
Shares of the company were up 6.37 percent at 144.5 rupees in a weak Mumbai market.
(Reporting by Janaki Krishnan and Nandita Bose: editing by Prem Udayabhanu)
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