Tanla Platforms Ltd.'s board of directors will have a meeting next Monday to discuss buyback of equity shares of the firm.
The trading window for dealing in the company's securities will remain closed for all the insiders involved in the buyback project from June 11 to June 18, according to an exchange filing on Wednesday.
SIS Ltd. had also approved a buyback of shares not exceeding Rs 150 crore, valued at Rs 404 apiece with a face value of Rs 5 per equity share. The opening date for the buyback was set as June 12 and the closing date will be June 18.
Shares of Tanla Platforms closed 1.03% lower at Rs 622.65 apiece on the National Stock Exchange before the announcement, compared to a 0.15% rise in the benchmark Nifty. The stock has fallen 32.51% in the last 12 months and 7.36% on a year-to-date basis.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 2.5%.
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