Tanla Solutions hits the roof after board OKs buyback

Tanla Solutions hit an upper circuit of 5% at Rs 66.40 after the company's board approved a share buyback worth up to Rs 154 crore.

Tanla Solutions announced on 22 April 2020 that its board approved to buyback shares worth up to Rs 154 crore at Rs 81 per share. The resultant equity shares to be bought back at the buyback offer price are 1,90,12,345 equity shares, representing 12.49%, of the total equity shares in the existing total paid-up equity share capital of the company and 16.44% and 13.02% of the total equity shares in the total paid-up equity share capital of the company as on 31 March 2019 and 31 March 2020, respectively.

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

On a consolidated basis, the company's net profit declined 93.2% to Rs 0.68 crore despite a 91.3% increase in net sales to Rs 539.04 crore in Q3 December 2019 over Q3 December 2018.

Tanla Solutions is a cloud communications provider. The company provides value-added services in the cloud communications space.

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