Tanla Solutions Ltd Announces Closure of Acquisition of Karix Mobile

/ -- Tanla Solutions Ltd ("Tanla") (NSE: TANLA) (BSE: 532790) today completed the acquisition ("Acquisition") of 100% shareholding of Karix Mobile Pvt Ltd ("Karix") and its wholly owned subsidiary Unicel Technologies Pvt Ltd ("Unicel") from Banyan Investments Ltd ("Banyan"), a company owned by funds affiliated with GSO Capital Partners L.P. ("GSO").

Consideration for the Acquisition was approximately Rs.340 Crores, comprising:
1. Rs.112 Crores in cash;
2. Preferential Allotment to Banyan of 2.20 Crores Equity Shares in Tanla at a Face Value of Re.1 only, at a rate of INR 56.79 per share totaling Rs.125 Crores; and
Commenting on the closure, Mr. Uday Reddy, the CMD of Tanla said: "Tanla's acquisition of Karix is a landmark event in Indian telecom history, bringing together two of the most influential players in the Cloud Communication ecosystem. The combined teams are fully energized to demonstrate substantial innovation and value-addition to delight stakeholders. The combination gives rise to exciting opportunity for shrinking processes, timelines and costs."
Mr. Alex Howell added, "We look forward to this exciting new phase of growth of the combined entities and look forward to Tanla developing into a leader in Cloud Communications."
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