Tanla Platforms spurts on fixing record date for buyback

Tanla Platforms surged 6.93% to Rs 838.45 after the company fixed 25 October 2022 as the record date for proposed share buyback.

The board of Tanla Platforms fixed Tuesday, 25 October 2022, as the record date for determining the names of shareholders eligible to participate in the proposed share buyback.

The company announced last month that it plans to buyback shares at Rs 1,200 each for an aggregate amount not exceeding Rs 170 crore.

The resultant equity shares to be bought back at the buyback offer price are 14,16,666 equity shares, representing 1.04%, of the total equity shares in the existing total paid-up equity share capital of the company as on 31 March 2022.

The board also noted the intention of the promoters and members of the promoter group of the company of "not participating" in the proposed buyback.

As on 2 September 2022, promoters held 43.73% stake in the company. Post buyback, promoters shareholding will rise to 44.20% (assuming the full acceptance of the buyback offer size).

Tanla Platforms, one of the world's largest CPaaS players, processes more than 800 billion interactions annually and about 63% of India's A2P SMS traffic is processed through its distributed ledger platform.

The IT software company's consolidated net profit dropped 3.9% to Rs 100.41 crore on 27.7% increase in net sales to Rs 800.14 in Q1 FY23 over Q1 FY22.

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