Nava soars after announcing share buyback at Rs 500/shr

Nava surged 9.33% to Rs 413.80 after the company said its board approved the proposed buyback of equity shares.

The company's board, in a meeting held today, approved a buyback of up to 72 lakh fully paid-up equity shares, representing 2.48% of the company's total outstanding shares.

The buyback offer is set at Rs 500 per equity share, with a total consideration not exceeding Rs 360 crore. This buyback will be executed through the "tender offer" route, allowing eligible shareholders to tender their shares on a proportionate basis.

The promoters and promoter group of Nava have declared their intention "not to participate" in the buyback.

The record date for determining shareholder eligibility for the buyback has been fixed for Friday, 28 February 2025.

As on 14 February 2025, the promoters held 48.89% stake in Nava.

Nava is a publicly listed multinational corporation with interests in metals, energy, mining, healthcare, and commercial agriculture. As one of Indias leading ferroalloy producers, Nava also operates Zambias largest mine-to-mouth power plant. Expanding its global presence, Nava is investing in commercial agriculture in Zambia and healthcare in Southeast Asia.

On a consolidated basis, Nava's net profit fell 23.73% to Rs 250.33 crore on 9.40% decline in net sales to Rs 842.49 crore in Q3 FY25 over Q3 FY24.

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