Shares of Tanla Platforms Ltd, a communications firm, soared eight percent on Tuesday, June 17, after the firm's board of directors approved a share buyback worth Rs 175 crore.
In a meeting on June 16, Tanla Platforms' board decided it would repurchase 20 lakh shares, representing around 1.5 percent of the total equity capital in the firm, at the price of Rs 875 apiece. This is a 33 percent premium to the stock's previous closing price of Rs 657.15 on the National Stock Exchange.
At 10.20 am, shares of the firm were quoting Rs 687, higher by 4.5 percent in the NSE, after trimming some intraday gains.
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The share buyback is subject to approval from shareholders by way of special resolution. The firm will share a postal ballot notice only through electronic mode. The remote e-voting period commences from 9.00 am on Tuesday, June 17, 2025 and ends at 5.00 pm on Wednesday, July 16, 2025.
Tanla Platforms' board of directors have approve two buybacks in the recent past. In 2020, the board sought to buyback shares worth Rs 154 crore, while in 2022, the board bought stock worth Rs 170 crore from investors.
In May, the firm's promoter Dasari Uday Kumar Reddy acquired a 1.38 percent stake in Tanla Platforms at an average price of Rs 470.15 per share, from American Funds Insurance Series Global Small Capitalization Fund and Smallcap World Fund Inc.
According to the shareholding details from the March quarter, the firm's promoters held around 44.1 percent in the firm. FIIs and DIIs each owned 10.4 percent and 0.8 percent, respectively, while the public shareholding in the firm was 44.5 percent.
Over the past year, shares of the firm have tumbled 28 percent on the bourses. However, over the past one month, the firm's stock has performed better: rising a whopping 17 percent.
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