Shares of Tanla Platforms were locked in a five percent upper circuit at Rs 886.25 on Monday after the cloud communication company announced that its board will consider share buyback in its next meet.
"A meeting of the board of directors of the company will commence on Wednesday, July 21, 2021, and end on Thursday, July 22, 2021, to consider and approve the unaudited financial results (standalone and consolidated) of the company for the quarter ended June 30, 2021," the company said in its release.
The board will also consider a proposal for buyback of the equity shares of the company, including matters related/ incidental thereto and any other matter as the board of directors of the company may decide during the meeting, it added.
Also, the audit committee meeting will be held on July 21, 2021.
Tanla Platforms Limited, previously known as Tanla Solutions Ltd, is a cloud communications company based in Hyderabad, India. The company provides value-added services in the cloud communications space.
The firm is a leader in the Indian enterprise messaging market with over 30 percent market share. The next three competitors have a combined market share below 30 percent. Tanla serves 1,300 enterprise clients in India and at least 6 out of 10 customers across major industries (BFSI, e-commerce, retail, social media, DTH, Pharma, government, etc.).