SAVITA OIL TECHNOLOGIES LIMITED will buyback nearly 2,51,000 shares for about Rs.35.14 Crore. In a filing to the stock exchanges, SAVITA OIL TECHNOLOGIES LIMITED said it will buyback percent of the fully paid-up equity shares at a price of Rs.1400/- per share.
The board of directors of SAVITA OIL TECHNOLOGIES LIMITED approved the proposal to buyback of not exceeding 2,51,000 Lakhs equity shares of face value of Rs 10 each of the company (representing 1.78% percent of the total number of fully paid-up equity shares in the paid-up share capital of the company) at a price of Rs.1400/- per equity for an aggregate consideration not exceeding Rs 35.14 crores,” it said.
SAVITA OIL TECHNOLOGIES LIMITED buyback of 2,51,000 equity shares which is around 1.78% of all the existing number of equity shares at a price of ₹1,400 per equity share. The buyback offer not exceeding of ₹35.41 crore of total buyback offer size.
SAVITA OIL TECHNOLOGIES LIMITED Buyback Important Dates
In this section we have covered all important dates related to “SAVITA OIL TECHNOLOGIES LIMITED Buyback Date”. Dates are updated as they are announced. The most noted dates are SAVITA OIL TECHNOLOGIES LIMITED record date and SAVITA OIL TECHNOLOGIES LIMITED buyback open and close dates, which one should use to participate in buyback.
|Board Meeting for SAVITA OIL TECH Buyback proposal
|SAVITA OIL TECH Buyback Approval date
|Public Announcement of SAVITA OIL TECH Buyback
|SAVITA OIL TECH Buyback Record Date
|SAVITA OIL TECH Buyback opens on/Buyback Opening Date
|SAVITA OIL TECH Buyback closes on/Buyback Closing Date
|Cut-off date to receive completed tender forms by Registrar
|Cut-off date for verification by the Registrar
|Cut-off date to inform Stock Exchange on acceptance or
non-acceptance of tendered Equity Shares by Registrar
|Last date of settlement of bids on the stock exchange
|Last date to return unaccepted shares by Registrar
|Last date of extinguishment of Equity Shares
Note: If anything you want to know about the buyback offer you can refer the SAVITA OIL TECHNOLOGIES LIMITED buyback offer documents. Click Here
How to Participate in SAVITA OIL TECHNOLOGIES LIMITED buyback?
1. Firstly, to be eligible for the buyback the investor should have shares of SAVITA OIL TECHNOLOGIES LIMITED in demat or physical form as on record date (not announced)
2. Once you have shares in demat, you can participate in the buyback process which is opening from [Not Announced], by selling your shares through your broker on NSE or BSE.
3. Then on [Not Announced] the payment will be given to you for accepted shares and unaccepted shares will be returned to your demat account.
Checkout Current SAVITA OIL TECHNOLOGIES LIMITED Shares market price on NSE and BSE: SAVITA OIL TECHNOLOGIES LIMITED
The SAVITA OIL TECHNOLOGIES LIMITED approved a proposal for buyback of up to 2,51,000 fully paid-up Equity Shares of the Company of face value Rs. 10 each, being 1.78% of the total issued and paid-up equity share capital of the Company as per the audited consolidated and standalone condensed interim financial statements (“Audited Condensed Interim Financial Statements”) as on 31.03.2020, for an aggregate amount not exceeding Rs. 35.41 Cr, which is not exceeding 25% of the aggregate of the total issued and paid-up equity share capital and free reserves as per the Audited Condensed Interim Financial Statements of the Company as at and for the period as on 31.03.2020 at Rs. 1400 per share via ” Tender Route”.
About SAVITA OIL TECHNOLOGIES LIMITED :
Savita Oil Technologies Ltd is India’s leading petroleum specialities company. The company operates a diversified portfolio of products specialising in Transformer Oils, White Mineral Oils, Lubricating and Automotive Oils and Specialty Polymer products (petroleum jelly, waxes, emulsions). Savita also has a Renewable Energy Division with a portfolio focussed on Wind Energy. While Savita’s core operations are based in India, our products and partners are spread across 75 countries worldwide.
At Savita, we are driven by our customers’ needs, and strive to provide product solutions tailor-made to their requirements. While we strive to adapt to changing market conditions, our fundamental values remain building long-term relationships with all our stakeholders. At Savita, we know and affirm to the value of ‘Bonds Build Businesses’. In the context of a rapidly changing and increasingly competitive lubricant landscape, Savita recently redefined Savsol and charted a new direction for the brand. While every other lubricant brand talked about performance, Savsol had a differentiator: green performance.
Born out of a lifelong commitment to environment-friendly products and initiatives. Backed by Savita, Asia’s first carbon positive petroleum speciality company. Savsol’s new identity embodies this differentiator too. A mascot made from dynamic polygons, dressed in green, racing into the future: The Green Performer.
NECESSITY OF BUYBACK By SAVITA OIL TECHNOLOGIES LIMITED
2.1 The Buyback is being proposed by the Company to service the equity more efficiently. Additionally, the Company’s management strives to increase equity shareholders value and the Buyback would result in amongst other things
:a) The Buyback is being done to return surplus funds, after taking into account the strategic and operational cash needs of the Company in the short to medium term
b) The Buyback may help in improving earnings per share, return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders’ value;
c) The Buyback gives an option to the equity shareholders, who can either
(i) choose to participate and get cash in lieu of Equity Shares to be accepted under the Buyback; or
(ii) choose to not participate and enjoy a resultant increase in their percentage shareholding, post the Buyback, without additional investment;
d) The Buyback, which is being implemented through the Tender Offer as prescribed under the Buyback Regulations, shall be from its existing securities holders on a proportionate basis in accordance with the provisions of Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018: provided that fifteen percent of the number of securities which the Company proposes to Buyback or number of securities entitled as per their shareholding, whichever is higher, shall be reserved for small shareholders.
Company Contact Information
SAVITA OIL TECHNOLOGIES LIMITED
66/67, Nariman Bhavan, Nariman Point,
Mumbai 400 021, India
Phones – +91-22-2288 3061, 6624 6200
Fax – +91-22-2202 9364
Email – firstname.lastname@example.org