Tanla Platforms advances 5%, hits record high as two PE firms pick stake

Shares of Tanla Platforms (formerly known as Tanla Solutions) were locked in the 5 per cent upper circuit for the fourth straight day, and hit a fresh record high of Rs 435.75, on the BSE on Wednesday after two overseas private equity (PE) players bought more than 9 per cent stake in the company via block deals.

American Funds Insurance Series A/c International Fund purchased 8.6 million shares or 6.32 per cent stake, while Amansa Investments has acquired 4.08 million shares of 3 per cent stake in Tanla Platforms at price of Rs 391.30 per share. Besides, Mobile Techsol Private Limited, the promoter group, has also increased its stake by buying 1.71 million shares or 1.25 per cent stake in the company.

On November 17, 2020, Banyan Investments sold 15 million equity shares, representing 11 per cent of total equity capital of Tanla Platforms, for Rs 587 crore. Banyan, which held 16.7 per cent stake in the company, sold these shares at price of Rs 391.30 via block deal on the BSE, the exchange data shows. CLICK HERE FOR FULL DATA

Last year, Tanla Platforms had completed the acquisition of Karix Mobile Pvt Ltd and its wholly owned subsidiary Unicel Technologies Pvt Ltd from Banyan, a company owned by funds affiliated with GSO Capital Partners L.P. for a consideration of Rs 340 crore. GSO is the credit arm of Blackstone.

In the past five trading days, the stock of the clpud communication service provider has rallied 24 per cent after the company said its stock has been included in MSCI India Domestic Small Cap index.

Till 12:04 pm, a combined 71,000 equity shares had changed hands and there were pending buy orders for 738,000 shares on the BSE and NSE. In comparison, the S&P BSE Sensex was trading 0.18 per cent lower at 43,873 points.