Sasken fixes Rs 230 — 260 price band per share

BANGALORE: Sasken Communication Technologies Ltd has fixed a price band between Rs. 230 and Rs. 260 per share for its 100 percent book-built initial public offering.

The company is making a public issue of 50,00,000 equity shares of Rs 10 each for cash through a book building process. Of this, the company has reserved 500,000 for allotment to its employees and the balance 4,500,000 shares would be allotted to the public.

From the public portion, at least 60 percent has been reserved for allotment to qualified institutional buyers on a discretionary basis. Another 10 percent has been reserved for non-institutional investors and the balance 30 percent is reserved for retail investors.

The company would raise Rs. 115 crores at the lower end of the price band and Rs. 130 crores at the upper end of the price band. The net offer to public would constitute 16.36 percent of the fully diluted post issue paid up equity capital.