The share price of cloud communications provider Tanla Solutions hit the 5 percent upper circuit intraday to Rs 66.4 on April 23 after the company's board approved a proposal to buy back shares worth up to Rs 154 crore.
In a regulatory filing, Tanla Solutions said 19,012,345 equity shares will be bought back under the offer for Rs 81 per share. "... as amended from time to time, at a price of Rs 81 per equity share (buyback offer price), payable in cash, for an aggregate amount not exceeding Rs 154 crore (buyback offer size)..." it added.
The 19,012,345 shares to be bought back represent 12.49 percent of the total equity shares in the existing total paid-up equity share capital of the company, the filing said adding that the record date for the offer will be decided subsequently.
"The Buyback Offer Price represents premium of 55.47 per cent over the closing price of the equity shares on NSE and BSE, respectively, on April 16, 2020, being the day preceding the date when intimation for the Board meeting was sent to NSE and BSE," it said.
The stock was locked at Rs 66.40 per share, up Rs 3.15, or 4.98 percent. There were pending buy orders of 62,514 shares, with no sellers available.
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