The company plans to buyback shares at Rs 1,200 each for an aggregate amount not exceeding Rs 170 crore.

The buyback offer price of Rs 1,200 per equity share represents a 50.65% premium to Wednesday's (7 September) closing price of Rs 796.55 on the BSE.

The resultant equity shares to be bought back at the buyback offer price are 14,16,666 equity shares, representing 1.04%, of the total equity shares in the existing total paid-up equity share capital of the company as on 31 March 2022.

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 31 March 2022.

The board also noted the intention of the promoters and members of the promoter group of the company of "not participating" in the proposed buyback.

As on 2 September 2022, promoters held 43.73% stake in the company. Post buyback, promoters shareholding will rise to 44.20% (assuming the full acceptance of the buyback offer size).

Tanla Platforms, one of the world's largest CPaaS players, processes more than 800 billion interactions annually and about 63% of India's A2P SMS traffic is processed through its distributed ledger platform.

The IT software company's consolidated net profit dropped 3.9% to Rs 100.41 crore on 27.7% increase in net sales to Rs 800.14 in Q1 FY23 over Q1 FY22.