Navneet Education rises after board OKs Rs 100 cr share buyback proposal

Navneet Education rallied 3.15% to Rs 167 after the company's board approved buyback of upto Rs 100 crore at a price of Rs 200 per equity share.

The buyback price is fixed at Rs 200, representing a 23.53% premium to Wednesdays closing price of Rs 161.90 on the BSE.

The company will buyback up to 50 lakh equity shares, representing 7.82% and 7.68% of the fully paid- up equity share capital and free reserves, as per the audited standalone and consolidated balance sheet, respectively of the company as on 31st March, 2024.

The company has fixed 13 August 2024 as record date for the purpose of determining the entitlement and the names of equity shareholders who would be eligible to participate in the buyback.

Navneet Education (NEL) is one of the largest educational syllabus-based supplementary content provider for the state-board based curriculum and quality content across print and digital mediums

The consolidated net profit fell 5.8% to Rs 144.16 crore despite of 14.1% jump in net sales to Rs 791.45 in Q1 FY24 over Q1 FY23.

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