Savita Oil Technologies Ltd Board approves Buy back of equity shares at Rs. 1400

The Board of Directors of Savita Oil Technologies Ltd at its meeting held today has approved the buyback of up to 2,51,000 fully paid-up equity shares of face value of Rs.10/- (Rupees Ten Only) each of the Company ("Equity Shares") representing upto 1.78% of the total number of equity shares in the total paid-up equity capital of the Company at a price of Rs.1,400/- (Rupees One Thousand Four Hundred only) per Equity Share ("Buyback Price") (including premium of Rs.1,390/- per Equity Share) payable in cash for an aggregate amount up to Rs. 35,14,00,000/-(Rupees Thirty Five Crore Fourteen Lakh only) (excluding transaction costs such as brokerage, securities transaction tax, goods and service tax, stamp duty, etc.) ("Buyback Size"), which is4.05 % ofthe fully paid-up equity share capital and free reserves (including securities premium) as per the latest audited standalone financial statements of the Company for the financial year ended March 31, 2020 on a proportionate basis through the tender offer ("Tender Offer") as prescribed under the Buyback Regulations, to all the equity shareholders / beneficial owners who hold Equity Shares as on the Record Date ("Buyback").

The Buyback Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India ("SEBI"), fees and charges payable to BSELimited and National Stock Exchange of India Limited ("Stock Exchanges"), public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

The Board took note of intention of certain Members of the Promoter and Promoter Group including persons in control of the Company to participate in the proposed Buyback.

The board has fixed Friday, 5th March, 2021 as the Record Date for the purpose of determining the entitlement and the names of the Equity Shareholders who are eligible to participate in the proposed Buyback.

ITI Capital Limited has been appointed as the Manager to the proposed Buyback.

Shares of SAVITA OIL TECHNOLOGIES LTD. was last trading in BSE at Rs.1033.15 as compared to the previous close of Rs. 1019.1. The total number of shares traded during the day was 5654 in over 625 trades.

The stock hit an intraday high of Rs. 1072 and intraday low of 1031. The net turnover during the day was Rs. 5905340.

Source : Equity Bulls

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