Tanla Platforms To Buy Back Shares Worth Up To ₹1.75 Billion

Tanla Platforms Ltd. on Monday said its board has approved a share buyback of up to 2 million equity shares, or 1.49% of the total equity, at ₹875 per share. The buyback will be carried out through the tender offer route and could cost up to ₹1.75 billion.

The offer will be made to all shareholders on a proportionate basis as per their holding on the record date, the company said in an exchange filing.

Seshanuradha Chava, general counsel and company secretary, has been appointed as the compliance officer for the buyback. Kotak Mahindra Capital Co. Ltd. has been appointed as the manager to the buyback.

The offer is subject to shareholder approval via special resolution through postal ballot and remote e-voting, as well as other regulatory clearances.