Shares of Savita Oil Technologies surged over 10% on Monday, following SBI Mutual Fund's acquisition of a stake via a block deal on Friday, as per data available on the exchanges. One of India's premier mutual fund houses acquired a 3% stake, equivalent to 20.73 lakh shares, in Savita Oil Technologies during the block deal, with shares transacted at ₹408 per share.
The seller in this transaction was Mehra Syndicate, one of the promoter entities. Before this recent transaction, the promoters of Savita Oil Technologies held a 71.92% stake in the company, based on the December shareholding pattern.
Among public shareholders, HDFC Mutual Fund is the sole entity holding a 7.4% stake in the company. Savita Oil Technologies operates as a prominent manufacturer and distributor of greases, transformer oils, industrial oils, and petroleum products.
Notably, the company had previously undergone a stock split, dividing one share of ₹10 into five shares of ₹2 each. Additionally, in March 2021, it conducted a buyback of equity shares, acquiring 2.51 lakh equity shares via the tender offer route at a price of ₹1,400 per share.
Currently, shares of Savita Oil Technologies are trading 8% higher at ₹444.9. The stock is approaching its 52-week high of ₹484.95. Over the past 12 months, shares have soared by 88%, and in the first three months of 2024 alone, they have risen by 27%. Following today's surge, the company's market capitalisation has surpassed the ₹3,000 crore mark.
(Edited by : Akanksha Upadhyay)
First Published: Mar 26, 2024 10:06 AM IST
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