Nava Limited’s Zambian subsidiary received an exploration license extension, increasing its area from 4,358.8 Ha to 7,566.2614 Ha. The company also announced an equity buyback for 7.2 million shares at 500 rupees each, amounting to 3,600 million INR. New CFO K.V.S. Vithal was appointed, enhancing governance and operational strategy.
Nava Limited has announced that its Zambian subsidiary has successfully obtained an extension for its exploration license, which now increases the licensed area from 4,358.8 hectares to 7,566.2614 hectares. This expanded concession will likely enhance the subsidiary’s capabilities in mineral exploration and development, representing a significant opportunity for growth.
Additionally, Nava Limited has initiated an equity buyback plan, allowing for the purchase of up to 7.2 million shares at a price of 500 rupees each. This initiative, valued at approximately 3,600 million INR, reflects the company’s confidence in its financial health and its commitment to shareholder value.
In recent corporate governance updates, Nava Limited has appointed K.V.S. Vithal as the new Chief Financial Officer, effective February 8, 2025, following the resignation of Sultan A. Baig. These transitions occur alongside the company’s continuous efforts to enhance its strategic positions and operational efficiency in multiple jurisdictions.
In summary, Nava Limited’s recent developments underscore its proactive approach in expanding its exploration efforts in Zambia through a license extension while simultaneously reinforcing investor confidence with a notable share buyback. Furthermore, the appointment of a new CFO signals a commitment to robust corporate governance during this period of transition.
Original Source: www.marketscreener.com
