The company has proposed a buyback of 14,16,666 fully paid-up equity shares of the face value of Rs 1 each at Rs 1,200 per share through the tender offer process, Tanla Platform said in a BSE filing.
At the given buyback price of Rs 1,200, the company offers a premium of 53% on the last day’s closing price of Rs. 784.10 apiece on the BSE.
At 11.15 am, the scrip was trading 7.15% higher at Rs 840.20 over its last day’s closing price of Rs 784.10 a piece. The stock generated a multi-bagger return to the tune of 1,269% over 3 years. However, it has fallen over 44% in the last six months while plunging nearly 55% year-to-date.
Share buyback or share repurchase is a corporate action in which a listed company buys its outstanding shares to reduce the number of units in the open market.
is among the leading cloud communications providers globally.