Tanla Platforms board approves Rs 170-crore share buyback; stock ends five percent higher

Tanla platforms on thursday approved one hundred seventy crore-share buyback via the gentle offer route. The buyback fee for the offer has been decided at rs 1,200 per share.

For the buyback, the organization shall provide you with the record date later.

“The board of directors of Tanla Platforms at its meeting held today considered and approved the proposal for buyback of fully paid up equity shares of the Company having a face value of INR 1/-…, on a proportionate basis, through the “tender offer”.

The resultant equity stocks to be bought back at the buyback offer price are 14,16,666 equity stocks, representing 1.04 percent, of the whole fairness stocks in the present general paid-up equity share capital of the organisation in addition to the whole paid-up equity share capital of the organisation as on march 31, 2022.

The buyback offer size represents 24.91 percent and 12.89 percent of the combination of the organisation’s fully paid-up equity capital and free reserves as according to the trendy standalone and consolidated audited economic statements, which do not exceed 25 consistent with cent of the mixture of the total paid-up capital and free reserves of the organization.

On the given buyback rate of rs 1,2 hundred, the agency offers a top class of 44 percent over these days’s close of rs. 834.2 apiece at the nse. In trade nowadays, the scrip hit an upper circuit and closed at rs 834.2 percentage. Over 3 years, the stock generated a multibagger return to the song of 1269 percent, but on a ytd basis, the inventory has corrected by means of over 55 percent.

Percentage buyback or proportion repurchase is a corporate movement in which a indexed company buys its terrific shares to lessen the quantity of shares in the open market.

Tanla Platforms, based out of Hyderabad, is among the leading cloud communication providers globally.