Nava Bharat Ventures climbs over 4 per cent on buyback of shares
Nava Bharat Ventures, a company with businesses diversified in ferroalloy, power & mining surged over 4 per cent on BSE after the board announced the buyback of shares.
The company has approved the proposal for the buyback of fully paid-up equity shares for an aggregate amount, not exceeding Rs 150 crore, which is 5.05 per cent of the total paid-up equity share capital. The price of the buyback is not exceeding Rs 100 per share.
Considering the maximum buyback price and the maximum buyback size, the maximum number of equity shares that can be bought back would be 1,50,00,000 equity shares, which would be 9.18 per cent of the total number of equity shares of the company.
Nava Bharat Ventures Ltd is a Hyderabad-based company that operates across business verticals of power generation, mining, ferroalloy, and agri-business spread across India. Power segment is its major source of revenue, which contributes 60 per cent, ferroalloy contribute 25 per cent, mining contributes 6 per cent while other services contribute 5 per cent.
Reacting to the buyback news, its share zoomed 16.8 per cent in the last five days. At around 2.30 pm on Friday, the company's share was trading 4.82 per cent higher at Rs 73.95. The stock recorded an intraday high of Rs 76.25 and an intraday low of Rs 67.65 on BSE.