Tanla shares jumps 3% after announcement of buyback — Check buyback date, price, other details

Tanla buyback: Cloud communication company Tanla Platforms limited has announced record date for buyback of shares in a regulatory filing dated October 12. 

“Intimation with respect to fixing of record date in relation to the proposed buyback of not exceeding 14,16,666 fully paid-up equity shares of face value of INR 1/- each (the “Equity Shares”) of Tanla Platforms Limited (the “Company”) at a price of INR 1,200/- per Equity Share (“Buyback”) through the tender offer process, pursuant to the provisions of the Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018, as amended and the Companies Act, 2013, as amended (“Buyback”),” the regulatory filing read. 

The IT company’s board of directors has fixed October 25, 2022 as the record date for buyback of Tanla Platforms shares. The company has announced buyback of shares at Rs 1200 per equity share on a tender basis.

“We wish to inform you that the Buyback Committee of the Company, being duly authorized by the board of directors of the Company in this regard, has vide its resolution dated October 12, 2022 considered, fixed and approved Tuesday, October 25, 2022 as the Record Date for the purpose of determining the entitlement and names of shareholders, who will be eligible to participate in the proposed Buyback,” the filing said.

After the announcement of a record date for buyback of stocks, Tanla Platforms share price witnessed sharp upside movement in the intraday trade session on Thursday. 

Tanla Platforms share price as of 3:30 pm on the BSE was Rs 812.40 apiece which was 3.93 per cent higher. On NSE, logging more than 11 per cent in early morning deals, as of 3:30 pm the share price surged 3.86 per cent and was at Rs 814 per share. 

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