Tanla Platforms Limited has informed the Exchange about Buyback
TANLA · price
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On the reaction day the stock moved 4.1 pts more than Nifty Microcap 250 and 3.3 pts more than its Software Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Board of Tanla Platforms approved a buyback of up to 20 lakh (20,00,000) fully paid-up equity shares, representing 1.49% of the existing paid-up share capital, at a price of INR 875 per share. The total buyback size will not exceed INR 175 crore, which is about 24.81% of standalone paid-up capital and free reserves (7.78% on a consolidated basis). The buyback will be done via the tender offer route and is subject to shareholder approval through a postal ballot. Promoters and promoter group members have stated they will not participate in the buyback, meaning the entire benefit flows to public shareholders. Kotak Mahindra Capital has been appointed as the manager to the buyback.
This is a modest buyback (under 2% of capital) returning INR 175 crore of cash to shareholders, which is generally viewed as a positive signal of management confidence. Since promoters are not participating, public shareholders will receive a proportionally larger share of the offer, and the reduction in share count provides a small per-share earnings boost.