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The announcement was made after market hours yesterday, 24 October 2016.
Meanwhile, the BSE Sensex was down 110.23 points, or 0.39%, to 28,068.85.
On BSE, so far 2.64 lakh shares were traded in the counter, compared with average daily volume of 1.55 lakh shares in the past one quarter.
The stock hit a high of Rs 144.50 and a low of Rs 139.50 so far during the day. The stock hit a 52-week high of Rs 145.60 on 5 October 2016. The stock hit a 52-week low of Rs 64 on 12 February 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, rising 15.42% compared with 1.71% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.55% as against Sensex's 0.72% rise.
The small-cap company has equity capital of Rs 35.72 crore. Face value per share is Rs 2.
Nava Bharat Ventures said it successfully completed sale of 100% of the shares of Nava Bharat Lao Energy (NBLE) and thereby its 70% shareholding in Namphak Power Co (NPCL), by Nava Bharat (Singapore) (NBS), Nava Bharat Ventures (NBVL) said in a BSE filing.
NBS has entered into a sale and purchase agreement with Chaleun Sekong Group Sole
Co., a company registered and existing under the Laws of the Lao PDR, to sell 100%
equity stake in NBLE (wholly owned subsidiary of NBS) and thereby its 70% equity
stake in NPCL which has been developing the 150 megawatts (MW) Hydel Power Project in Lao PDR.
According to the statement, NBLE and NPCL have ceased to be the subsidiaries of NBS and Nava Bharat Ventures with immediate effect.
The company said that the transaction was profitable and it not required to invest any more.
On a consolidated basis, net profit of Nava Bharat Ventures declined 32.05% to Rs 29.21 crore on 9.32% decline in net sales to Rs 313.72 crore in Q2 June 2016 over Q2 June 2015.
Nava Bharat Ventures (NBV) is a diversified organization with interests in power generation, ferro alloys, mining and agri-business. The company is in business for nearly four decades and operates in different geographies spanning across India and Africa.
Nava Bharat (Singapore) (NBS), a wholly owned subsidiary of NBV, is the overseas investment arm in various business verticals and geographies.
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