Rs 154 crore buyback offer approved by Tanla Solutions
Rs 154 crore buyback offer:
Yesterday (April 22nd), the firm, Tanla Solutions Ltd directors board to a plan to buy shares of Rs 154 Crore value.
Tanla Solutions has reported in a regulatory document that 1,90,12,345 shares purchased in the Rs 81 share offer. “… as amended from time to time and payable on a cumulative sum not beyond 154 crore (buyback offer) of Rs 81 per equity share (Buyback Offer Price) …,” it added.
According to the present filing, the reporting date for the bid will determine after the buyback of the shares to purchase at a buyback offer price of 1,90,12,345 equity shares, which constitute 12.49 percent of the total equity shares in the current pay-up capital of the firm.
“The purchase price represents a 55.47 percent premium compared to the closing price of the shareholdings on NSE and BSE on 16 April 2020, which was the day preceding the submission to NSE and BSE of the Board of Directors’ Intimation,” it said.
The board also acknowledged the intention of promoters and members of the promoter community not to engage in the proposed purchase.
The Board has appointed a process committee and has named for the proposed buyback Seshanuradha Chava, vice-president (legal and secretariat) as a to the compliance officer.
Besides, the share of Tanla Solutions traded with the bullish trend on April 22nd. It traded with a gain of 3.00 points reached 63.25 INR with 4.98% up in NSE. Whereas in BSE, it traded with the same values.
April 22nd Stock Market
On the third day of the week, the stock market trading with the bullish trend. The Sensex traded with a gained 742.84 points reached 31,379.55 level with 2.42% up. Whereas, Nifty traded with a gain of 205.85 points reached 9,187.30 level with 2.29% up.
In the border market, the S&P BSE Midcap traded with a gain of 89.83 points reached 11,566.89 with 0.78% up. Whereas, S&P BSE SmallCap traded with a gain of 76.72 points reached 10,641.57 with 0.73% up. At the same time, Nifty bank traded with a gain of 292.50 points reached 19,701.85 with 1.51% up.