Shares of Savita Oil Technologies Ltd. rose on Tuesday after its board of directors approved a buyback of 5.4 lakh fully paid-up equity shares with a face value of Rs 2 each, aggregating Rs 36.5 crore.
At a meeting on Saturday, the board approved the buyback at Rs 675 per equity share on a proportionate basis through the tender-offer route, according to an exchange filing. It is at a premium of 8% to Friday's close of Rs 625 apiece.
The buyback of equity shares represents 2.09% of the company's paid-up capital and free reserves. SOTL has set Aug. 16 as the record date for the buyback offer.
As of June 30, SOTL has 6.91 crore shares outstanding, out of which promoter group owns 68.92%, and 31.08% is owned by the public.
SOTL's stock rose as much as 5.08% during the day to Rs 603.75 apiece on the NSE. It was trading 3.05% higher at Rs 592.10 per share, compared to a 0.68% advance in the benchmark Nifty at 12:26 p.m.
The share price has gained 89.80% in the last 12 months and 68.71% on a year-to-date basis. The total traded volume so far in the day stood at 0.5 times its 30-day average. The relative strength index was at 49.84.
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