Tanla Platforms' stock price rises ahead of share buyback

13 Oct 2022 , 01:44 PM

Tanla Platform, a provider of cloud communications services, saw an increase in its stock price of more than 11% during intraday trading on Thursday on the BSE after establishing October 25 as the record date for determining the entitlement and names of shareholders eligible to participate in the proposed buyback.

Tanla Platform reported in a BSE filing that the business has proposed to repurchase 14,16,666 fully paid-up equity shares with a face value of Rs1 each for Rs1,200 per share via the tender offer process.

The company offers a premium of 53% on the latest trading day’s closing price of Rs784.10 per share on the BSE at the specified buyback price of Rs1,200.

At 1.45 pm, the stock was trading 5.15% higher than the previous day’s closing price of Rs784.10 a share, at Rs824.10. Over a three-year period, the stock had a multi-bagger return of 1,269%. However, it has dropped significantly by over 44% in the past six months and nearly 55% so far this year.

A listed business may purchase its outstanding shares through a share buyback or share repurchase in order to lower the number of shares available on the open market.

Tanla Platforms, based in Hyderabad, is one of the top cloud communications service providers worldwide.

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