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.