Tanla Platforms share price rallies over 7.5% after board approves ₹175 crore buyback
Tanla Platforms share price in focus today: Tanla Platforms, India’s largest CPaaS (Communications Platform as a Service) provider, saw its shares surge 7.6% to ₹707 apiece in Tuesday’s trade after the company’s board of directors approved buyback proposal worth up to ₹175 crore.
In an exchange filing on Monday, the company informed investors that the board had approved the repurchase of up to 20 lakh fully paid-up equity shares, representing approximately 1.49% of its total equity capital, at ₹875 per share. This price represents a 33% premium over Monday’s closing price of ₹657.15 on the NSE.
The buyback represents 24.81% and 7.78% of the aggregate paid-up capital and free reserves based on the company’s latest…
