Nava Bharat Ventures share price jumps 4% on board nod to buyback plan
The Board of Directors approved a proposal for buyback fully paid-up equity shares of face value of Rs 2 each for an amount not exceeding Rs 150 crore.
February 26, 2021 / 02:39 PM IST
Nava Bharat Ventures share price jumped over 4 percent in the afternoon session on February 26 after the board approved a share buyback of up to Rs 150 crore.
The board of directors on February 26 approved the buyback of fully paid-up equity shares of face value of Rs 2 each for an amount not exceeding Rs 150 crore, which is 5.05 percent and 3.94 percent of the total paid-up equity share capital and free reserves of the company, Nava Bharat said in an exchange filing.
The stock was trading at Rs 73.55, up Rs 3, or 4.25 percent, at 1414 hours. It touched an intraday high of Rs 76.25 and an intraday low of Rs 67.65.
The scrip also witnessed a spurt in volume by more than 2.45 times and was trading with volumes of 692,400 shares, compared to its five-day average of 505,114 shares, an increase of 37.08 percent.