In this article, we will discuss about Sasken Technologies Limited Buyback offer, buyback price, buyback size, Sasken Technologies Buyback record date, company financial, buyback necessity and its impact on company.
Sasken Technologies Limited Buyback Details
|Buyback Type||Tender Offer|
|Opening Date||Friday, October 11, 2019|
|Closing Date||Thursday, October 24, 2019|
|Buyback Offer Amount||Rs. 20,59,243/-|
|Buyback No. of Shares||16,988.76|
|Face Value||Rs. 10|
|Date of Buyback Approval||April 23, 2019|
|Date of Public Announcement||June 24, 2019|
|Buy Back Price||Rs. 825/-|
|Buy Back Premium||12.04%%|
|Date of Board Meeting||23 April 2019|
Sasken Technologies Buyback Opening and Closing Date
The starting date is Friday, October 11, 2019 and closing date of this buyback is Thursday, October 24, 2019.
Sasken Technologies Buyback Cash Offer
The Cash Offer to Buy-back up to20,59,243 fully paid-up equity shares of the Company of face value of Rs. 10 each, representing 12.14% of the total number of equity shares.
Sasken Technologies Buyback Record Date
The decided record date is Friday, July 5, 2019.
Sasken Technologies Buyback Price
At a price of Rs.825(Rupees Three Hundred and Twenty Five only) per Equity Share.
Sasken Technologies Buyback Size
At a buyback price of Rs.825/- payable in cash for an aggregate consideration not exceeding Rs.16,988.76.
Sasken Technologies Limited Buyback Acceptance Query
You can check for Buyback Acceptance query here. Just click on the given link and it will redirect you to buyback acceptance query page.
Sasken Technologies Limited Buyback Acceptance Ratio
Find profit & profit percentage based on various acceptance rate, The profit is calculated based on 1000 shares.
|Acceptance Ratio||Total Shares Accepted||Buyback Price||Buyback Amount||Profit||Profit%|
Profit is calculated from 04 Oct, 2019 share price i.e. Rs.611 per share of Sasken Technologies Limited.
According to the above table, if a shareowner applies for 1000 shares of Sasken Technologies limited & gets 20% acceptance from the company and the owner with 1000 shares will sell 200 shares @ Rs.825 per share & receive Rs.42800 as profit amount & 7.00 % profit percentage on selling these 200 shares back to the company.
Similarly, if the owner gets 60% acceptance of share from the company, the owner will sell 600 shares @ Rs.825 & receive a profit of Rs.128400 @ 21.01 % profit percentage.
Sasken Technologies Limited Buyback Overview
The Company was originally incorporated as “ASIC Technologies Private Limited” on February 13, 1989 under the Companies Act, 1956. Sasken is a specialist in Product Engineering and Digital Transformation providing concept-to-market, chip-to-cognition R&D services to global leaders in Semiconductor, Automotive, Industrials, Smart Devices & Wearables, Enterprise Grade Devices, SatCom, and Transportation industries.
For over 30 years and with multiple patents, Sasken has transformed the businesses of 100+ Fortune 500 companies, powering more than a billion devices through its services and Intellectual Property.It employs around 2000 people, operating from state-of-the-art centers in Bengaluru, Pune, Chennai and Hyderabad (India), Kaustinen and Tampere (Finland), Detroit (USA), and Beijing, Shanghai (China). Sasken also has its presence across Germany, Japan and UK.
The Equity Shares of the Company are listed and traded on BSE and NSE under scrip code – 532663 and scrip name: SASKEN respectively.
Company Finances – Sasken Technologies Limited
The salient features of the financial information of the Company as extracted from the audited standalone and consolidated financial statements for financial years ended March 31, 2019 and March 31, 2018, prepared under Ind AS and from the audited standalone and consolidated financial statements for financial year ended on March 31, 2017, prepared under erstwhile Indian Generally Accepted Accounting Principles (“IGAAP”) are set out below.
[In Rs. Lakhs]
|Particulars||12 Months period ended March 31|
|Total Expenses (excluding finance cost, depreciation & amortization)||43,318.04||43,357.11||42,579.18|
|Depreciation and amortization expenses||660.52||622.25||649.49|
|Profit before tax||11,054.90||9,965.70||8,229.17|
|Provision for tax|
(including Deferred Tax)
|Profit /(Loss) after tax||9,042.29||8,242.31||7,368.60|
|Equity Share Capital||1,20,679||90,480||48,618|
|Total Debt (Excluding working capital loans)||0.00||0.00||0.00|
Sasken Technologies Limited Buyback Dates
|Date of Board Meeting approving the Buyback||Tuesday, April 23, 2019|
|Date of publication of Public Announcement for Buyback||Monday, June 24, 2019|
|Record Date for determining the Buyback Entitlement and the names of Eligible Shareholders||Friday, July 5, 2019|
|Buyback Opening date||Friday, October 11, 2019|
|Buyback Closing date||Thursday, October 24, 2019|
|Last Date of verification of Tender Forms by the Registrar||Monday, November 4, 2019|
|Last date of intimation regarding acceptance / non-acceptance of Tendered Equity Shares to the BSE Limited by the Registrar||Monday, November 4, 2019|
|Last date of Settlement of Bids on the BSE Limited||Tuesday, November 5, 2019|
|Last date of return of unaccepted Equity Shares by BSE Limited||Tuesday, November 5, 2019|
|Last date of Extinguishment of Equity Shares||Tuesday, November 12, 2019|
Details of Public Announcement
In accordance with the provisions of Regulation 7(i) of the Buy-back Regulations, the Company has made a Public Announcement dated June 21, 2019, in relation to the Buy-back which was published on Monday, June 24, 2019, in the following newspapers, which is within two Working Days from the date of declaration of results of postal ballot, i.e. Thursday, June 20, 2019:
Necessity of Sasken Technologies Limited Buyback
The Buy-back is a more efficient form of distributing surplus cash to the equity shareholders compared to other alternatives including interim dividend, inter-alia, for the following reasons.
- The Buy-back gives an option to the equity shareholders to either participate in the Buy-back and receive cash in lieu of Equity Shares accepted under the Buy-back or not participate in the Buy-back and enjoy a resultant increase in their percentage of shareholding in the Company post the Buy-back;
- The Buy-back would help in improving certain key financial ratios of the Company;
- The Buy-back which is being implemented through the Tender Offer route as prescribed under the Buy-back Regulations, would involve a reservation for small shareholders as defined in the Buy-back Regulations.
- As defined in the Buy-back Regulations, a small shareholder is a shareholder who holds Equity Shares having market value, on the basis of closing price on the recognized stock exchange in which highest trading volume in respect of such Equity Shares, as on the Record Date, of not more than Rs. 2,00,000 (Rupees Two lakhs).
Impact of Sasken Technologies Limited Buyback on the Company
The Company believes that the Buy-back is not likely to cause any material impact on the profitability / earnings of the Company except to the extent of reduction in the amount available for investment, which the Company could have otherwise deployed towards generating investment income.
Assuming that the response to the Buy-back is 100% (full acceptance) from all the Eligible Shareholders in proportion of their respective Buy-back Entitlement, the funds deployed by the Company towards the Buy-back would be Rs16,988.76 lakhs excluding Transaction Costs.
Post Buy-back, the level of holding of public shareholders in the Company shall not fall below the minimum level of public shareholding required to be maintained in terms of SCRR and under the Listing Regulations
Salient financial parameters consequent to the Buyback based on the latest audited standalone financial statements for the period ended on March 31, 2019 are as under:
|Parameters (based on audited standalone financial statements for year ended March 31, 2018)||Pre Buy-back||Post Buy-back|
(Assuming Full Acceptance)
|Net worth (Rs in Lakhs)||68,062.52||51,073.76|
|Return on Net worth (%)||13.82%||18.41%|
|Earnings Per Share (Rs)||54.97||62.49|
|Book Value per Share (Rs)||397.79||339.34|
|P/E as per the latest audited standalone financial statements||11.53||10.14|
|Total Debt / Equity Ratio||0||0|
Basis of Calculating Sasken Technologies Buyback Price
The Equity Shares are proposed to be bought back at a price of Rs 825 per Equity Share. The Buy-back Price has been arrived at after considering various factors.
The Buy-back Price has been arrived at after considering various factors, including but not limited to, the volume weighted average market price of the Equity Shares of the Company on BSE and NSE during 3 (three) months and 2 (two) weeks preceding the date of intimation to the Stock Exchanges for the Board Meeting to consider the proposal of the Buy-back and closing market price of the Equity Shares on the Stock Exchanges as on the date of the intimation to Stock Exchanges for the Board Meeting to consider the proposal of the Buy-back.
More on Sasken Technologies Buyback Price Calculation
The Buy-back Price represents a premium of 30.27% and 29.09% over the volume weighted average market price of the Equity Shares on BSE and NSE respectively for 3 (three) months preceding the date of intimation to the Stock Exchanges for the Board Meeting to consider the proposal of the Buy-back which was Rs 633633.30 and Rs639.11 respectively and 27.30% and 27.32% over the volume weighted average market price of the Equity Shares on BSE and NSE respectively for 2 (two) weeks preceding the date of intimation to the Stock Exchanges for the Board Meeting to consider the proposal of the Buy-back which was Rs648.08 and Rs647.98 respectively.
The Buy-back Price is about 207.40% and 207.72% of the book value per Equity Share of the Company, which is Rs 397.79 and Rs 397.16 as at March 31, 2019 on standalone basis and consolidated basis, respectively.
Source of Funds for the Buyback
Assuming full acceptance, the funds that would be utilized by the Company for the purpose of the Buy-back would be Rs 16,988.76 lakhs, excluding Transaction Costs.
The Buy-back will be financed out of free reserves, current surplus and / or cash and cash equivalents and / or internal accruals of the Company and / or other permissible sources of funds but not from any borrowed funds.
Sasken Technologies Limited – Manager to the Buyback
|Vivro Financial Services Private Limited|
607, 608 Marathon Icon, Opp. Peninsula Corporate Park,
Off Ganpatrao Kadam Marg,
Veer Santaji Lane,
Lower Parel, Mumbai – 400 013.
Tel.:+91 22 6666 8040 / 41 / 42 Fax: +91 22 6666 8047
E-mail: firstname.lastname@example.org ; Website: www.vivro.net
Contact Person(s): Mr. Harish Patel / Ms. Mili Khamar
SEBI Registration Number: INM000010122; Validity: Permanent
Sasken Technologies Limited – Registrar to the Buyback
Karvy Fintech Private Limited
Karvy Selenium, Tower B, Plot Nos. 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad – 500032.
Tel: +91 40 6716 2222; Fax: +91 40 2343 1551
Investor Grievance Email: email@example.com
Contact Person: Mr. M. Murali Krishna
SEBI Registration Number: INR000000221; Validity: Permanent
Sasken Technologies Limited Contact Details
|Company Contact Details|
|SASKEN TECHNOLOGIES LIMITED|
Corporate Identity Number (CIN): L72100KA1989PLC014226
Registered Office: 139/25, Ring Road, Domlur, Bengaluru – 560 071.
Phone: + 91 80 6694 3000; Fax: + 91 80 2535 1133; E-mail: firstname.lastname@example.org; Website: www.sasken.com;
Contact Person: Mr. S. Prasad, Associate Vice President & Company Secretary
Sasken Technologies Limited Buyback News
News 2 – Sasken Technologies Ltd – Public Announcement
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