Savita Oil soars after board OKs Rs 35 cr share buyback

Savita Oil Technologies surged 7.20% to Rs 1109.95 after the company said its board approved a proposal to buyback equity shares worth upto Rs 35.14 crore at Rs 1400 each.

The aggregate consideration of the buyback will not exceed Rs 35.14 crore. The company will buyback upto 2.51 lakh fully paid-up equity shares, representing upto 1.78% of the total number of equity shares in the total paid-up equity capital of the company.

The company will buyback shares at Rs 1400 each, a premium of 35.2% compared with yesterday's closing price of Rs 1035.40 per share.

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 record date is set on 5 March 2021. The announcement was made during market hours today, 19 February 2021.

As of 12 February 2021, the promoters & promoter group held 71.75% stake while public shareholders held 28.25% stake.

Savita Oil Technologies is principally engaged in two segments, namely, manufacturing of petroleum speciality products and generation of electricity through wind power plants.

The company's standalone net profit surged to Rs 81.10 crore in Q3 FY21 from Rs 21.63 crore in Q3 FY20. Net sales during the quarter rose by 3.64% YoY to Rs 531.46 crore.

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