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%.