Navneet Education Ltd will buyback nearly shares 5,00,000 Lakhs for about Rs.50 Crore. In a filing to the stock exchanges, Navneet Education Ltd said it will buyback percent of the fully paid-up equity shares at a price of Rs.100/- per share.
The Board of Directors of Navneet Education Ltd at their meeting held on May 27, 2021, have approved buyback proposal for purchase of fully paid equity shares of Re. 2 each ("Equity Share") by the Company at a price of Rs. 100/- (Rupees One Hundred and Twenty Only) per Equity Share payable in cash ("Buyback Price"), for an aggregate amount of Rs. 50 Crore (Rupees Two Hundred Crore Only) ("Buyback Size") (excluding expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisor's fees, public announcement publication expenses, printing, dispatch expenses, transaction costs viz. brokerage, applicable taxes such as buyback taxes, securities transaction tax, goods and service tax, stamp duty, etc.), representing 5.40% of the total paid-up equity share capital and free reserves (including securities premium) as per the latest audited standalone financial statements of the Company as on March 31, 2021
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Navneet Education Ltd Buyback 2021 Offer Details:
| Buyback Type: | Open Market |
| Buyback Record Date: | NA |
| Buyback Offer Amount: | ₹ 50 Crore |
| Date of Board Meeting approving the proposal: | May 27 2021 |
| Date of Public Announcement: | June 01 2021 |
| Buyback Offer Size: | 2.18% |
| Buyback Number of shares: | 5,00,000 |
| Price Type: | Open Market |
| FV: | Rs. 2 |
| Maximum Buyback Price: | ₹ 100 Per Equity Share |
Navneet Education Ltd buyback of 5,00,000 Lakhs equity shares which is around 2.18% of all the existing number of equity shares at a price of ₹100 per equity share. The buyback offer not exceeding of ₹50 crore of total buyback offer size.
Navneet Education Ltd Buyback Important Dates
In this section we have covered all important dates related to “Navneet Education Ltd Buyback Date”. Dates are updated as they are announced. The most noted dates are Navneet Education Ltd record date and Navneet Education Ltd buyback open and close dates, which one should use to participate in buyback.
| Buyback Activity | Date |
|---|---|
| Board Meeting for Navneet Education Ltd Buyback proposal | 27.05.2021 |
| Navneet Education Ltd Buyback Approval date | 27.05.2021 |
| Public Announcement of Buyback | 01.06.2021 |
| Buyback Start Date ( Commencement Date ) | 2021 |
| Last date for the completion of the Buy-back | 2021 |
Note: If anything you want to know about the buyback offer you can refer the Navneet Education Ltd buyback offer documents. Click Here
How to Participate in Navneet Education Ltd buyback?
In this method of share Buyback, the company will be purchasing stocks from existing shareholders of the company directly from the market.Example: “Navneet Education ” announces buyback plan of its shares up to value of Rs 100, it means that the company will be purchasing shares of "Navneet Education " from the open market at a price not exceeding Rs.100 per share.
Scenario 1- If the share price is below Rs. 100 in that case, the company will put buy order at Current Market Price and purchase shares.
Scenario 2- If the share price is above Rs. 100, in that case, the company will put buy order at Rs. 100 only and if someone is ready to sell at Rs.100 or less then only company will get back shares.
Checkout Current Navneet Education Ltd Shares market price on NSE and BSE: SIS Limited
On 27.05.2021 the company has approved the buy-back by the Company of its equity shares of face value of Rs. 2/-(Rupees Two Only) each ("Equity Shares") from the open market through the stock exchange mechanism as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended ("Buyback Regulations") and the Companies Act, 2013, as amended ("Companies Act"), and other applicable rules law, at a maximum price of Rs. 100/- (Rupees One Hundred only) per Equity Share ("Maximum Buyback Price") payable in cash, for an aggregate maximum amount of up to Rs.50,00,00,000/- (Rupees Fifty Crores Only), which excludes any expenses incurred or to be incurred such as filing fees payable to the Securities and Exchange Board of India, advisors' fees, stock exchange fee for usage of their platform for Buyback, brokerage, applicable taxes such as buyback tax, securities transaction tax, and Goods and Services Tax, stamp duty, public announcement publication expenses, and other incidental and related expenses ("Transaction osts") ("Maximum Buyback Size"), which represents 4.83% and 5.40% of the total paid-up Equity Share capital and free reserves (including securities premium account.
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About Navneet Education Ltd :
Navneet Education Limited is a purpose-driven organization, doing what it takes to move the needle and promulgate knowledge. The Gala Family established the brand in 1959 and since then we have been the major force in the dissemination of knowledge to the little learners of India.
Over the decades, Navneet has emerged as the preferred brand for educational products among teachers and students. The immensely popular products like Vikas workbooks, Gala practice books, YouVa full-scapes, are hot favorites amongst the young segment of India. These products are bestsellers not just because of their superior quality but also because of the nostalgic association of 90’s kids.
In December 2016, we acquired Encyclopedia Britannica (India) Pvt. Ltd. for publishing CBSE Textbooks. With this acquisition, Navneet will focus on serving the regional teaching and learning needs with supplemental digital solutions.
NECESSITY OF BUYBACK By Navneet Education Ltd
The Buyback is being undertaken by the Company after taking into account the operational and strategic cash requirements of the Company in the medium term and for returning surplus funds to the Shareholders in an effective and efficient manner. The Buyback is being undertaken for the following reasons:
(i) The Buyback will help the Company to distribute surplus cash to its Shareholders holding Equity Shares thereby enhancing the overall return for them;
(ii) The Buyback, which is being implemented through the tender offer route as prescribed under the Buyback Regulations, would involve a reservation of up to 15% of the Equity Shares, which the Company proposes to buyback, for small shareholders or the actual number of Equity Shares entitled as per the shareholding of small shareholders on the Record Date, whichever is higher. The Company believes that this reservation for small shareholders would benefit a significant number of the Company’s public shareholders, who would be classified as “Small Shareholders”;
(iii) The Buyback is generally expected to improve return on equity through distribution of cash and improve earnings per share by reduction in the equity base of the Company, thereby leading to long term increase in shareholders’ value; and
(iv) The Buyback gives an option to the Eligible Shareholders to either (A) participate in the Buyback and receive cash in lieu of their Equity Shares which are accepted under the Buyback, or (B) not to participate in the Buyback and get a resultant increase in their percentage shareholding in the Company post the Buyback, without additional investment.
Company Contact Information
Navneet Bhavan,
Bhavani Shankar Road,
Dadar West Mumbai 400028,
Maharashtra, India
www.navneet.com
Navneet Education Ltd Buyback 2021 FAQs:
When is Navneet Education Ltd Record Date?
Navneet Education Ltd buyback 2021 record date is NA.
When isNavneet Education Ltd Buyback announcement Date?
Navneet Education Ltd buyback 2021 announcement Date is 01-June-2021.
What is Navneet Education Ltd Buyback Price?
The company has fixed the maximum price of ₹100
How to apply for Navneet Education Ltd Buyback 2021?
As per the record date you need to have Navneet Education Ltd shares in your demat account. You can participate in buyback after having the stock in your account.
