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The board of Navneet Education on Monday approved the buyback of up to 46.875 lakh equity shares, representing up to 2.01 per cent of the total number of equity shares of the company at ₹160 a share, aggregating to ₹75 crore.
The buyback size is 9.25 per cent fully paid-up equity share capital and free reserves (including securities premium) according to the standalone audited balance sheet and 9.94 per cent according to the consolidated audited balance sheet of the company as on March 31.
The offer would be on proportionate basis through tender offer.
The board took note of the intention of members of the promoter and promoter group, including person in control of the company, to participate in the proposed buyback, the company said in a notice to the stock exchanges.
For the quarter ended June 2018, Navneet Education had reported a profit of ₹126.29 crore on sales of ₹669.96 crore. For FY18, the corresponding figures were ₹1,132.24 crore and ₹153.21 crore, respectively.
Shares of Navneet Education closed at ₹127.45, up 2.91 per cent, on the BSE.
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