Nava Ltd Board Approves Share Buyback Worth ₹360 Crore

Nava Ltd has approved a share buyback of ₹360 crore, with the company set to repurchase 72 lakh fully paid-up equity shares at ₹500 per share. The buyback represents 2.48% of the company’s total paid-up equity capital. It also accounts for 9.87% of the total paid-up equity share capital and 5.78% of free reserves, based on financials for the year ending March 31, 2024.

Record Date and Eligibility

The company has set February 28, 2025, as the record date to determine eligible shareholders. Promoters and members of the promoter group will not participate in the buyback.

Execution and Management

Anand Rathi Advisors Ltd, a SEBI-registered merchant banker, has been appointed as the manager for the buyback. The final number of shares and percentage of capital repurchased will be confirmed after the process is completed.

A Buyback Committee has been formed to look into the whole process, and the Board has the discretion to increase the buyback price while reducing the number of shares to be repurchased, provided that the total buyback amount remains unchanged.

A public announcement and letter of offer outlining the buyback process and timelines will be released in accordance with regulatory requirements.

Financial Performance

Nava Ltd reported a 24% year-on-year (YoY) decline in profit after tax (PAT) for Q3 FY25, with PAT falling to ₹353.3 crore from ₹465 crore in the same quarter of the previous year. Revenue declined 11.7% YoY, dropping from ₹995 crore to ₹878.1 crore.

Following the buyback announcement, as of February 20, 9:27 AM, Nava Ltd is trading at ₹419.75, down ₹3.50 (0.83%) for the day. Over the past month, the stock has declined 3.89%, but it remains up 62.16% over the past year.

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