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Sasken Awaiting Regulatory Clearances for Buy-Back


July 24, 2015 - Bangalore, Karnataka, India

Business Wire India
Sasken Communication Technologies Limited (BSE: 532663, NSE: SASKEN) is awaiting regulatory clearances from SEBI/Stock Exchanges for the draft Letter of Offer in connection with its buy-back proposal.  In terms of decision of the Board of Directors dated 23rd April, 2015 and in accordance with the provisions of Companies Act, 2013 and the Securities and Exchange Board of India (Buy-back) Regulations, 1988 and with the approval of shareholders by Postal Ballot on 25th June, 2015, the Company has offered to buy-back 41,57,000 fully paid up equity shares of Rs.10 each, at a price of Rs.260 per share for an aggregate amount of up to Rs.10,808.20 lakhs from the existing shareholders of the Company under Tender Offer mechanism.  The offer size represents 19.48% of the aggregate paid up capital and free reserves of the Company as at March 31, 2015. 

The Public Announcement was made in the newspapers on 27th June, 2015. A draft Letter of Offer has been filed with SEBI on 3rd July, 2015 and have provided clarifications / corrections as required.The said papers are yet under review by SEBI. Also we are given to understand that stock exchanges are getting geared to implement the new acquisition window for buy-back.  On receipt of comments from SEBI and once stock exchanges are ready, we will proceed with the buy-back.
 
About Sasken:

Sasken is a global leader in providing embedded R&D services, comprehensive testing services, IT infrastructure services and application development & data services to device OEMs, network OEMs, semiconductor vendors, operators and retail & insurance enterprises across the world. Global Fortune 500 and Tier 1 companies in these segments are part of Sasken’s customer profile. Sasken’s solutions are backed by ISO 9001:2000, ISO 27001 and TL 9000 certifications. Sasken’s proprietary quality management systems strengthen our business offerings and ensure client satisfaction. Sasken’s commitment to environment is highlighted by its ISO 14001 certification.For further information please visit www.sasken.com
 
Disclaimer on forward looking statements:

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to successfully implement our strategy and our growth and expansion plans, technological changes, our exposure to market risks, general economic and political conditions in India which have an impact on our business activities or investments, changes in the laws and regulations that apply to the Indian IT services industry, including with respect to tax incentives and export benefits, adverse changes in foreign laws, including those relating to outsourcing and immigration, increasing competition in and the conditions of the Indian and global IT services industry, the prices we are able to obtain for our services, wage levels in India for IT professionals, the loss of significant customers the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the information technology/ telecommunication industries. Additional risks that could affect our future operating results are more fully described in our Red herring filing. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
 

Source: Business Wire India

BusinessWireIndia

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