Tanla Solutions board approves up to Rs 154-cr buyback offer

Tanla Solutions Ltd on Wednesday said its board has approved a proposal to buy back shares worth up to Rs 154 crore.

In a regulatory filing, Tanla Solutions said 1,90,12,345 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 equity shares to be bought back at the buyback offer price are 1,90,12,345 equity shares, representing 12.49 per cent 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 Board of Directors also noted the intention of the promoters and members of the promoter group of not participating in the proposed buyback.

The Board has constituted a committee for the process and has appointed Seshanuradha Chava, Vice President (Legal and Secretarial) as the compliance officer for the purposes of the proposed buyback.