Nava Bharat Ventures up 4% on stake sale in subsidiary companies

Moneycontrol BureauShare price of Nava Bharat Ventures added 4.5 percent intraday Tuesday as it has completed stake sale in its subsidiary companies.Nava Bharat Singapore Pte (NBS), the wholly owned subsidiary of the company, has successfully completed sale of 100 percent of the shares of Nava Bharat Lao Energy Pte (NBLE) and thereby its 70 percent shareholding in Namphak Power Co (NPCL).NBS has entered into a sale and purchase agreement to sell 100 percent equity stake in NBLE, and thereby its 70 percent equity stake in NPCL for a consideration of USD 10.15 million."NBLE and NPCL have ceased to be the subsidiaries of NBS and Nava Bharat Ventures with immediate effect," company said in press release."The transaction was profitable and it not required to invest any more," it added.At 09:54 hrs Nava Bharat Ventures was quoting at Rs 140.80, up Rs 3.45, or 2.51 percent on the BSE.Posted by Rakesh Patil