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The shares of Tanla Platforms Limited opened at Rs 868.95 on the last trading session for the week as against the previous close of Rs 834 and was locked at an upper circuit. In the last five days, the stock has gained more than 16 percent. 

The stocks have started ralling as the board of the company has approved the buyback of shares worth Rs 170 crores through the tender offer route. The buyback price for the offer has been decided at Rs 1,200 per share which is a premium of 39 percent from the current levels. 

A total of 14,16,666 Equity Shares, representing 1.04 per cent of the total equity shares in the existing total paid up equity share capital of the company are to be bought back in the offer. 

The buyback offer size represents 24.91% and 12.89% of the aggregate of the company’s fully paid-up equity capital and free reserves as per the latest standalone and consolidated audited financial statements of the Company, respectively, for the financial year ended March 31, 2022, which does not exceed 25% of the aggregate of the total paid-up capital and free reserves. 

In July the company announced its Q1 results when their Net profit fell to ₹100 crores as compared to ₹140 crores in the March quarter. In the same period a year ago, the company had earned a net profit of Rs 104 Crores. 

The total revenue reported by the company in Q1 of FY23 stood at Rs 800 Crores as compared to Rs 626 Crores which it earned in the same period a year ago. However, on a sequential basis, it has dropped by 7% from Rs 853 Crores. 

On the results being published the share prices crashed by more than 40 percent from Rs 1,003 to its 52 week low of Rs 584.50 in just two trading sessions. However, the stock seems to be on a rebound and moving towards the mark of Rs 1,000. 

Tanla Platforms Limited, previously known as Tanla Solutions Ltd, is a cloud communications company. It is also counted as India’s largest Communications Platform as a Service (CPaaS) company. It processes more than 800 billion interactions annually. 

Written by Anoushka Roy

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