SBI Mutual Fund Acquires 3% Stake in Savita Oil Technologies

On March 26, 2024, Savita Oil Technologies stated in an exchange filing that they sold about 3% equity shares of the company via a block deal on Friday.

Details of the Sale

On Tuesday, Savita Oil Technologies released a statement to the exchanges stating that the seller is the promoter of the company, i.e., Mr Gautam N. Mehra, a Member of Mehra Syndicate.

The company stated that before the sale, the promoters of the company held about 62.78% stake in the company, which is equivalent to 43,383,855 shares. The promoter sold a 3% stake in the company, which is of 2,073,000 shares. After the transaction, the promoter group is left with a stake of 59.78%, which comprises 41,310,855 shares.

Savita Oil Technologies sold 3% of the company’s stake to the prominent mutual fund company, SBI Mutual Fund.

As per the exchange filing, this is a block deal which happened on March 22, 2024, with shares transacted at an average price of ₹408 per share.

According to the shareholding pattern in December 2023, among public shareholders, HDFC Mutual Fund is the sole entity holding a 7.4% stake in the company.

It is to be noted that Savita Oil Technologies had previously undergone a stock split, dividing one share of ₹10 into five shares of ₹2 each. Further, in March 2021, the company conducted a buyback of equity shares, where they acquired 2.51 lakh equity shares through the tender offer route at a price of ₹1,400 per share.

On March 26, 2024, the share price of Savita Oil Technologies was trading 5.85% higher at ₹436.80 per share on the NSE at 1:10 PM. The share price of the company opened at ₹425.90, touching the day’s high at ₹454.70, as of 1:10 PM on the NSE. Following today’s surge, Savita Oil Technologies Ltd’s market capitalisation has surpassed the ₹3,000 crore mark.

About Savita Oil Technologies Ltd

Savita Oil Technologies Limited (Previously known as Savita Chemicals Limited) is a well-known manufacturer and distributor of greases, industrial oils, petroleum products and transformer oils.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.