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Tanla Solutions Ltd Announces Closure of Acquisition of Karix Mobile

Press Trust of India  |  HYDERABAD 

/ -- Solutions Ltd ("Tanla") (NSE: TANLA) (BSE: 532790) today completed the acquisition ("Acquisition") of 100% shareholding of ("Karix") and its wholly owned subsidiary ("Unicel") from ("Banyan"), a company owned by funds affiliated with ("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 at a Face Value of Re.1 only, at a rate of INR 56.79 per share totaling Rs.125 Crores; and

3. assuming the debt on Karix's book of Rs.103 Crores.

This acquisition is being funded by Tanla with cash on balance sheet.

Post-acquisition, the shareholdings (on a fully diluted basis) of Tanla would be; Promoters: 31.2%, and GSO: 14.6%.

As a result of the Acquisition, Karix has become a wholly owned subsidiary of Tanla (and Unicel will remain a subsidiary of Karix), effective April 10th, 2019.

As a result of the Preferential Allotment to Banyan, Banyan will hold an observer seat on Tanla's Board of Directors.

Tanla announces the appointment of Mr. (at GSO) as observer on Tanla's Board. Alex is an alumnus of and brings with him more than 14 years of rich experience in financial markets in a number of areas such as M&A, leveraged & equity financings and public credit markets, having previously worked at Lehman Brothers, Nomura, and (since 2012) GSO.

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. added, "We look forward to this exciting new phase of growth of the combined entities and look forward to Tanla developing into a in Cloud Communications."

About Tanla

Tanla started its journey as the new millennium set in with a small group of mobile messaging experts, with base in Hyderabad, India, to create a world-class messaging service. Today, Tanla is a global in its domain as one of the largest Cloud Communication providers, handling over 90 annually. Tanla is innovating the way the world communicates, continuously raising the bar through enhanced speed, ease and simplicity of Cloud Communication solutions, adopting cutting-edge technologies to meet the discerning needs of a diverse clientele, from enterprises to carriers across geographies. Tanla is a public limited company listed on leading Indian stock exchanges (NSE: TANLA, BSE: 532790).

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Logo: https://mma.prnewswire.com/media/627459/Tanla_Solutions_Logo.jpg

Photo: https://mma.prnewswire.com/media/869663/Tanla_Karix.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 11:05 IST
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