Shares of Tanla Platforms Ltd soared 5.98% to ₹696.45 during early trade on Monday, June 17, after the company announced a ₹175 crore buyback plan. The board approved the repurchase of up to 20 lakh fully paid-up equity shares, representing approximately 1.49% of the total equity capital, at a price of ₹875 per share through the tender offer route.
The buyback offer, which is subject to shareholder approval via special resolution through remote e-voting, excludes promoter participation. Kotak Mahindra Capital Company Ltd has been appointed as the manager to the buyback. The public announcement and details regarding timelines and record date will follow as per regulatory guidelines.
As of June 13, the promoters held 45.49% stake in Tanla Platforms, while foreign investors and mutual funds collectively held over 10%. The buyback represents 24.81% of the company’s standalone and 7.78% of its consolidated free reserves and paid-up capital.
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