Tanla Platforms, a Communications-Platform-as-a-Service (CPaaS) player, has announced a share buyback plan offering ₹1,200 for every share with a face value of ₹1 through the ‘tender offer’ route.

The company pegged a spend of ₹170 crore for the buyback offer. This, however, doesn’t include any expenditure on brokerage, costs, fees, turnover charges and taxes such as buyback tax and securities transaction.

The board of directors, which met here on Thursday, approved the offer, the company informed the Bombay Stock Exchange (BSE).

The company intends to buy back 14.16 lakh shares, representing 1.04 per cent of the total equity shares.