Navneet Education has offered to buy back up to ₹100 crore worth of equity shares
Navneet Education, an educational content brand and a key player in the publishing industry, has offered to buy back up to ₹100 crore worth of equity shares. The offer opened on 20 August and closed on 26 August 2024.
The company, incorporated in 1959, produces stationery, general, and children’s books in various Indian and foreign languages.
In a meeting held on 1 August, the company board of directors approved the buyback of up to ₹50 lakh fully paid-up equity shares (face value: ₹2) at a price of ₹200 per equity share of the company in cash, the company said in the Letter of Offer posted on its website.
The buyback size represents up to 2.21% of the company’s issued and paid-up equity share capital. The offer on a proportionate basis through the tender offer route is for all shareholders who hold equity shares as of 13 August 2024.
“The buyback is generally expected to improve return-on-equity through the distribution of cash and improve earnings per share by reduction in the equity base, thereby leading to long-term increase in shareholder value,” the Hindu Businessline quoted the company as saying.
Navneet Education operates primarily in the education sector, focusing on publishing and stationery products. It operates through a B2B and B2C business model, supplying educational materials and stationery products to schools, educational institutions, retail outlets, and directly to consumers through various distribution channels. It also operates ‘The Orchid International School.’
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