Shares of Sasken Communication Technologies Ltd (SCTL) spurted by ₹17.10 ( 7.07 per cent) to ₹259 at the close after the company announced that its board of directors will consider on April 23 a proposal for share buy-back.

The announcement, which was posted on BSE website shortly after 2 pm led to sharp spike in the share price after dipping to a low of ₹235.60 on the exchange.

In a communication to the stock exchanges, the company said its board will consider the proposal for share buy back on April 23 up to such an amount of the aggregate of its equity capital and free reserves as it may deem fit. Shares of Sasken Communication, which opened at ₹242.80 on the exchange, had fallen to a low of ₹235.60 after the market witnessed a huge sell off because of fears over FIIs tax issue. But the announcement about consideration of share buy back proposal led to a sharp up tick in the share price. After touching a high of ₹274.80, the stock shed some of its gains to end the day at ₹259, a gain of ₹17.10 on the exchange.

SCTL board will on that date also consider the audited financial results for the quarter and year ended March 31, 2015 and payment of dividend, the release said.

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