PTI

Mumbai: Telecom software services provider Sasken Communication today said its promoters have bought back about 14.49 lakh shares worth Rs15.48 crore from the open market under its buyback offer.

The promoters purchased 14.49 lakh shares, of a face value of Rs10 each, at an average buyback price of Rs106.80, a company filing to the Bombay Stock Exchange said.

Sasken Communication, whose buyback opened on 15 September and closed on 24 October, said it had completed the payout formalities of the offer today.

In April, Sasken had announced a re-purchase of shares from the open market for a price up to Rs260 a share for an aggregate amount not exceeding Rs40 crore.

As of 30 September, the promoters held a 26.44% stake in Sasken Communication Technologies Ltd.

In September, the Bangalore-based telecom firm received a go-ahead from the Securities Appellate Tribunal (SAT ) to proceed with its proposed Rs40 crore share buyback offer, on which market regulator SEBI’s approval was pending.

While the company wanted to go ahead with the buyback based on conditions that it had notified, SEBI had imposed certain terms in the implementation of the buyback of shares.

For the September quarter, Sasken Communication reported a 28% dip in its net profit at Rs14.33 crore. The firm’s revenue rose 23% to Rs176.30 crore.

Shares of Sasken were trading at Rs79.80, up 1.40% on the BSE.