Tanla Platforms End At Record High As Promoter, Investors Acquire Stake

Shares of Tanla Platforms Ltd. jumped to a record high after its promoter and other investors acquired a stake in the cloud communications provider.

Promoter Mobile Techsol acquired 17.1 lakh shares, or 1.26% stake, of the company on Tuesday at Rs 391.3 apiece, according to data available on the exchanges.

Besides, Singapore-based Amansa Investments picked up more than 40 lakh shares, amounting to a 3% stake at Rs 391.3 apiece. American Funds Insurance, too, acquired a 6.34% stake, or 86 lakh shares, at Rs 391.3 apiece, the data showed.

The shares were sold by Banyan Investments. The public shareholder sold an 11% stake, or 1.5 crore shares, on Tuesday at Rs 391.3 apiece.

Shares of Tanla Platforms ended at an upper circuit of 5% at Rs 435.7 apiece. The stock is up for the fifth straight day. The rally began since Tanla Platforms was included in the MSCI India Domestic Small-Cap Index on Nov. 12.

The stock had hit a 52-week low of Rs 37.1 on March 25, but since rebounded more than tenfold.