Gravita India Ltd Share Price – NSE  / BSE

Non Ferrous Metals, Small Cap

The Board of Directors of Navam Lanka, Sri Lanka, a step-down subsidiary of the company in which Gravita Group through Gravita Netherlands B.V. is holding 52% of its share capital (herein after “NLL” ) has completed the repurchase/buyback of 2,29,087 shares from its existing shareholders representing 25.56% of its total stated capital. The price per share for buyback was LKR 3,530 per share and total buyback value is approx. Rs 23.00 crore which will be paid to shareholders from the reserves and surplus of Navam Lanka.

Further Gravita Netherlands B.V., a step-down subsidiary of the company and one of the shareholder of Navam Lanka has not participated in the said buyback and 2,29,087 shares have been tendered by other shareholders in the buyback.

Now, consequent to repurchase/buyback of 2,29,087 shares of Navam Lanka, the shareholding of Gravita Netherlands BV has increased from 52% to 69.85%.

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Net profit of Gravita India rose 24.44% to Rs 72.00 crore in the quarter ended September 2024 as against Rs 57.86 crore during the previous quarter ended September 2023. Sales rose 10.91% to Rs 927.42 crore in the quarter ended September 2024 as against Rs 836.18 crore during the previous quarter ended September 2023.

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Gravita India will hold a meeting of the Board of Directors of the Company on 21 October 2024.

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The Board of Gravita India at its meeting held on 04 October 2024 has approved the appointment of Sunil Kansal (DIN: 09208705), as Whole Time Director of the Company w.e.f. 04 October 2024.

The Board also approved change in designation of Rajat Agrawal (DIN: 00855284) from Managing Director to Chairman cum Managing Director w.e.f. 05 October 2024.

The Board has accepted the resignation of Dr. Mahavir Prasad Agarwal (DIN: 00188179), as Chairman and Whole Time Director of the Company w.e.f. 05 October 2024.

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