Savita Oil Technologies surged 7.20% to Rs 1109.95 after the company said its board approved a proposal to buyback equity shares worth upto Rs 35.14 crore at Rs 1400 each.
The aggregate consideration of the buyback will not exceed Rs 35.14 crore. The company will buyback upto 2.51 lakh fully paid-up equity shares, representing upto 1.78% of the total number of equity shares in the total paid-up equity capital of the company.
The company will buyback shares at Rs 1400 each, a premium of 35.2% compared with yesterday s closing price of Rs 1035.40 per share.
The board took note of intention of certain members of the promoter and promoter group including persons in control of the company to participate in the proposed buyback.
Read more about Board of Savita Oil Technologies approves buyback of shares up to Rs 35.14 cr on Business Standard. At meeting held on 19 February 2021.
Domestic indices declined for fourth consecutive session on Friday. Rising COVID-19 case and mixed global cues triggered profit selling in domestic shares. The Nifty ended below the 15,000 mark. Banks, metals and pharma shares tumbled.
As per the provisional closing data, the barometer index, the S&P BSE Sensex, dropped 434.93 points or 0.85% at 50,889.44. The Nifty 50 index lost 137.2 points or 0.91% at 14,981.65.
Selling was broad based. The S&P BSE Mid-Cap index slipped 1.48% while the S&P BSE Small-Cap index fell 0.56%.
Sellers outnumbered buyers. On the BSE, 1,206 shares rose and 1,750 shares fell. A total of 175 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 903.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,217.34 crore in the Indian equity market on 18 February 2021, provisional data showed.
Read more about Board of Savita Oil Technologies grants in-principal approval for acquisition of Savita Polymers on Business Standard. At meeting held on 19 February 2021