Nava Bharat Ventures jumps 7% as board approves Rs 150 crore buyback plan

Shares of Nava Bharat Ventures, on Friday, reversed early losses to trade 7 per cent higher in intra-day after the company board approved the plan to buy back shares worth Rs 150 crore.

The company, in a BSE filing, said the Board of Directors of Nava Bharat Ventures, at its meeting held on February 26, 2021, has approved the proposal to buyback fully paid-up equity shares of face value of Rs 2 each for an aggregate amount not exceeding Rs 150 crore. READ HERE

The buyback price would not exceed Rs 100 per share, the company further said, adding that at the maximum buyback price and the maximum buyback size, the indicative number of equity shares that can be bought back would be 1,50,00,000 which would be 9.18 per cent of the total number of equity shares of the company.

Following this development, the stock jumped 7.47 per cent on the BSE to touch intra-day high of Rs 76.25, but later pared some gains amid weakness in the broader market. At 1.35 am, the scrip was trading 4.39 per cent higher at 73.55 as against a 3.41 per cent slide in the BSE barometer Sensex to 49,300.

Earlier in the day, the stock had touched a low of Rs 67.55, down 4 per cent from its previous close of Rs 70.55.

This is the fourth consecutive day that the stock has risen. Barring today’s gain, the stock has added 20 per cent in the past three sessions.

On Tuesday, post-market hours, the company had informed the exchanges that its Board meet wiould be held on February 26, 2021, inter alia, to consider the proposal for buyback of equity shares of the company. The firm’s shares had jumped 12 per cent following the announcement.

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