NEW DELHI: Shares of Tanla Platforms surged 5% to hit the upper circuit on Thursday on reports of buyback plan approval.
Earlier in the day, the Hyderabad-based cloud communications company said that its board approved a Rs 170 crore share buyback plan.
"Tanla Platforms has considered and approved the proposal for buyback of fully paid up equity shares of the Company having a face value of Re 1 from all shareholders/ beneficial owners of the equity shares of the company," the firm said in an official release to the bourses.
Stock of Tanla Platforms closed 4.75% higher at Rs 834.35 on the BSE today. The share has surged 15.6% in the last 1 week from Rs 722 to Rs 834 apiece.
The buyback offer price represents premium of 66.39% and 66.27% over the closing price of the equity Shares on NSE and BSE respectively, on September 1, 2022, the company added.
The board of directors also noted the intention of the promoters and members of the promoter group of the company of not participating in the proposed buyback.
Equity shares to be bought back at the buyback offer price are 14,16,666 equity shares, representing 1.04%, of the total equity shares in the existing total paid-up equity share capital of the company as well as total paid-up equity share capital of the company as on March 31, 2022.
