Sasken Communication Shares Surge On Share Buy Back Plan

Shares of Sasken Communication rose to hit a 52-week high on Tuesday after the board said that it will consider a share buy back. The company said that it will consider buyback of its fully paid-up equity shares in the meeting to be held on October 27.

Buyback is the process where a company buys its own shares.

"The board will consider among other things including buy-back of fully paid-up Equity Shares of the Company, quantum & mode of Buy-back and other matters incidental theret", the press release said.

The company also said that it will consider declaration of interim dividend and the audited financial results for the quarter and half year ended September 30, 2016.

The company plans a name change to Sasken from Sasken Technologies in accordance with the applicable provisions of laws.

Shares of Sasken Communication were seen trading at Rs 424 higher by 4.80 per cent on BSE at 12.44. It touched an intra-day high and 52-week high of Rs 440 during trade.