Hyderabad-based cloud communications company, Tanla Platforms, on Thursday received board approval for an overall buyback proposal 170 crores. Equity shares offered under buyback have a face value of Re 1 each. cost of one floor 1,200 each has been earmarked for buyback. This led to heavy buying in Tanla’s shares. On BSE, shares of Tanla have hit the 5% upper circuit as investors give a thumbs up to the buyback offer.
Tanla shares closed on upper circuit on BSE 836.35 by above each 39.80 or 5%. of the company Market hat is around 11,353.08 crores.
Tanla’s shares were up on the previous day 796.55 each.
Tanla Platforms Share Buyback
In its regulatory filing, Tanla said it “considered and approved the proposal”. buy back The fully paid-up equity shares of the Company having a face value of Re 1 from all the shareholders / beneficial owners of the Company’s equity shares, as on the record date, shall be settled on a proportionate basis thereafter through “Tender”. Proposal “route, using mechanism for acquisition of shares through stock exchange.”
Tanla will buyback 14,16,666 equity shares at the offer price 1,200 per equity share. offer will be around 170 crores.
It said, “The resultant equity shares to be bought back at the buyback offer price are 14,16,666 equity shares,
The current total paid-up equity share capital of the Company as on March 31, 2022 as well as the total paid-up equity share capital of the Company represents 1.04% of the total equity shares.
Notably, as per the latest standalone and consolidated audited financial statements of the Company, for the financial year ended March 31, the size of Tanla’s buyback offer totaled 24.91% of the Company’s fully paid-up equity capital and free reserves and represents 12.89%. , 2022, which is not
More than 25% of the aggregate of the total paid-up capital and free reserves.
Meanwhile, the buyback offer price 1,200 each share represents a premium of 66.39% and 66.27%, respectively, over the closing price of equity shares on NSE and BSE as on September 1, 2022.
Compared to the current upper circuit price on Thursday, the buyback floor price is at a premium of 43.48% on BSE and 43.49% on NSE.
The buyback is only subject to the approval of the shareholders through a special resolution through postal ballot by remote electronic voting and all other applicable statutory approvals.
As on September 2, 2022, the promoter and promoter group hold 5,93,70,282 equity shares or 43.73% stake in Tanla. Apart from promoters, shareholders such as foreign investors (including non-resident Indian FIIs and foreign mutual funds) hold 1,98,79,728 equity shares or 14.64%, while financial institutions/banks and mutual funds promoted by banks/institutions hold -1, 01,585 equity shares or 0.074% in Tanla. Other investors (public, public body corporate, etc.) hold 5,63,93,928 equity shares or 41.54% of the company.
Post buyback, the promoter and promoter group’s percentage of existing equity share capital will be 44.20%. However, other shareholders such as foreign investors, financial institutions and other investors – the number of equity shares in the company will be reduced to 7,49,58,574 equity shares or 55.80% as against the pre-buyback level of 7,63,75,241. Equity share or 56.25%.
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