Nava Bharat Ventures jumps after board OKs Rs 150 cr share buyback

Nava Bharat Ventures surged 5.6% to Rs 74.5 after the company said its board approved a proposal to buyback equity shares worth upto Rs 150 crore.

The company proposes to buyback shares at maximum price of Rs 100 each. The aggregate consideration of the buyback shall not exceed Rs 150 crore.

At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares that can be bought back would be 1.5 crore shares, which would be 9.18% of the total number of equity shares of the company.

The promoters held 43.56% in the company as on 19 February 2021.

Nava Bharat Ventures has presence in ferro alloys, power, mining, agribusiness and healthcare services.

On a consolidated basis, the company posted a 168% jump in net profit to Rs 161.79 crore on a 29.5% rise in net sales to Rs 660.13 crore in Q3 FY21 over Q3 FY20.

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