On March 26, 2024, Savita Oil Technologies announced a significant equity transaction via a block deal, wherein the company’s promoter, Mr. Gautam N. Mehra, sold a 3% stake to SBI Mutual Fund. This resulted in a reduction of the promoter group’s stake to 59.78%.
Promoter Stake Sale
- Promoter group previously held 62.78% stake (43,383,855 shares), reduced to 59.78% post-sale (41,310,855 shares).
- Mr. Gautam N. Mehra, a Member of Mehra Syndicate, sold 2,073,000 shares, equivalent to 3% stake.
Block Deal Details
- Block deal executed on March 22, 2024, at an average price of ₹408 per share.
Market Performance
- As of March 26, 2024, Savita Oil Technologies’ share price surged by 5.85% to ₹436.80 per share on NSE.
- Day’s high recorded at ₹454.70 with an opening price of ₹425.90.
- Market capitalization exceeded ₹3,000 crore mark.
About Savita Oil Technologies Ltd
- Renowned manufacturer and distributor of greases, industrial oils, petroleum products, and transformer oils.
- Formerly known as Savita Chemicals Limited.
- Previously underwent a stock split and conducted a buyback of equity shares in March 2021.
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