Nava Limited, a Hyderabad-based company, has approved a buyback of up to 72,00,000 fully paid-up equity shares, representing 2.48% of its total equity capital. The buyback will be carried out at a price of INR 500 per share, amounting to a total consideration of INR 360 crore (excluding transaction costs).
The buyback is planned through the “Tender Offer” route, as per the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018. The company has fixed February 28, 2025, as the record date to determine the eligible shareholders for the buyback.
The promoters and members of the promoter group have expressed their intention not to participate in the buyback. Additionally, Anand Rathi Advisors Limited has been appointed as the manager to the buyback.
The company’s pre-buyback shareholding pattern shows that the promoters and promoter group hold 48.89% of the equity shares, while the public holds 18.12%. Following the buyback, the post-buyback shareholding pattern will be determined once the buyback process is completed.
For more information, the public announcement and the letter of offer will be released in due course in accordance with the regulations.
