Sasken approaches SAT with appeal on buyback

Mumbai, Aug 26: Software services provider Sasken Communication Technologies has appealed to the Securities Appellate Tribunal (SAT) to proceed with its proposed buyback of shares announced in April this year. The Company in a communication to the BSE said it has filed an appeal before the SAT against a ruling of Securities and Exchanges Board of India (SEBI) that the buyback should be on certain conditions and directions imposed by it.

It had sought SAT that the buyback scheme could be proceeded with the same conditions as set out in its announcement on April 18. The company has an equity capital of Rs 28.56 crore. Face value per share is Rs 10. The current price of Rs 154.20 discounts its Q1 June 2008 annualised EPS of Rs 12.82, by a PE multiple of 12.03.

Sasken Communication Technologies' net profit rose 29.24 per cent to Rs 9.15 crore in Q1 June 2008 over Q4 March 2008. Total income rose 7.81 per cent to Rs 110.72 crore in Q1 June 2008 over Q4 March 2008.

The company provided telecommunication software services and solutions and operated in three segments, software services, software products and network engineering services.

UNI