SBI Mutual Fund Acquires 3% Stake in Savita Oil Technologies

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.