Sasken has announced gradual buy-back of its shares from the open-market(which means that there is no way to ensure that shares sold electronically are bought by Sasken). The details are as follows:
Total Shares issued by the company: 2,85,60,793
Buy back process:
Start Date: 15 Sep 08
Deadline to complete buyback of shares: 17 Apr 09 (buy back can end much before this date)
The number of shares that would be baught back this fiscal varies day-to-day based on:
1. Amount allocated for buy-back this fiscal, which is fixed at Rs 40 Crore
2. Average buy price
As per the rules, in a given financial year number of shares bought back cannot exceed 25% of total number shares.
So, the
maximum number of shares Sasken may buy this fiscal is 71,40,198
Since, shares would be baught at Rs 260 or lesser, assuming average buy price as Rs.260, the minimum number of shares Sasken would buy is 15,38,461.
But, average price varies day-to-day in line with CMP. If you are planning to offer your shares for buyback this fiscal, then it becomes necessary to be aware of the closing date of buyback.
This blog helps you to keep track of the status.
No. shares baught back till date: 336,692Average number of shares baught per day: 42,087
at an
Average price of :
Rs. 127.56
- Assuming remaining shares will be bought at Rs.260.
- minimum number of shares Sasken is yet to buy back: 13,73,270
- resulting buyback closure date: 17 Nov 08
- Assuming remaining will be bought at current average price,
- minimum number of shares Sasken would buy back: 27,98,986
- resulting buyback closure date: 4th trading day in 2009
Buy Back Status: 10.74 % complete
Disclaimer: This analysis is a piece of information and is not reviewed by an expert.
Please Note: 0. Quantities mentioned in Pink will be updated every working day after the market is closed.
1. Sasken preserves the rights to stop buyback at any point of time.
2. There is no need to panic as trading of scrip would continue at least for 4 years including the current fiscal.
3. Its a personal request that we need not sell off the shares in a hurry. As investors of Sasken, lets help the company in getting the shares price to reasonable levels.
4. There would be many people who didn't book profits when share price soared to 600 levels. Company is willing to give back our Rs.260, then why don't just accept it. Why should we sell and go into losses for no reason unless you need money rightback.
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Have a wonderful day.
