Multibagger stock: NAVA declares buyback of shares at ₹500 apiece. Share jumps 10% | Stock Market News
Source: Live Mint
Multibagger stock: NAVA Limited share price saw a significant jump of 9.42 per cent on Wednesday after the company declared buyback of shares at around 25 per cent premium fixing the buyback price at ₹500. Last month, the company had traded stock split from ₹2/- to ₹1/-.
The company further informed that the maximum share buyback worth is ₹360 crore.
NAVA share buyback details
“The proposal for buyback of up to 72,00,000 fully paid-up equity shares of face value INR 1/- each (“Equity Shares”) by the Company (“Buyback”), representing up to 2.48 % of the total number of Equity Shares of the Company, at a price of INR 500.00/- (Rupees Five Hundred only) per equity share payable at cash for a total consideration not exceeding INR Rs. 360.00 crores (Rupees Three Hundred and Sixty Crores only),” the company said in an exchange filing.
The record date for the buyback of the share has been fixed as February 28, 2025. “It is further notified that the Company has fixed Friday, February 28, 2025, as the record date for the purpose of ascertaining the eligibility of shareholders for Buyback of Equity Shares,” the filing said.
The company also informed that promoters and members of the promoter groups will not participate in the buyback. “The Board has noted the intention of the Promoters and members of the Promoter Group of the Company not to participate in the proposed Buy Back,” it said.
Anand Rathi Advisors Limited, a SEBI Registered Merchant Banker, has been appointed as the Manager to the Buyback.
According to the release, Nava also notified the exchanges that the trading window for the company’s shares will be closed from February 15, 2025, to February 21, 2025 (inclusive). This restriction applies to all designated persons, their immediate relatives, and other connected individuals covered under the Code of Conduct.
NAVA share price history
At 1:07 pm, the NAVA stock was trading at ₹417.85 on Wednesday’s trading session, against previous close at ₹378.50 on Tuesday.
Nava’s share price reached a 52-week high of ₹673.35 in September 2024 but has experienced a significant decline due to a broader market downturn.
NAVA stock has surged several times over the past two years, climbing from ₹130-135 in February 2023 to its current level of ₹378. Additionally, over the last five years, Nava’s share price has skyrocketed nearly 1,000%, delivering multibagger returns to investors.
However, the stock has failed to impress short-term investors. NAVA share price has fallen over 4.24 per cent over a month and nearly 11.25 per cent in the last six months.
