Savita Oil to buy back at ₹1,390/share

Our Bureau Updated - February 19, 2021 at 09:22 PM.

(FILES) This June 24, 2015 file photo shows pumping Jacks at the Chevron section of the Kern River Oil Field near Bakersfield, California. US crude oil closed nearly nine percent higher August 31, 2015 as the government lowered its domestic crude production estimate and OPEC signaled concern about multi-year low prices. US benchmark West Texas Intermediate for October delivery jumped $3.98 (8.8 percent) to $49.20 a barrel on the New York Mercantile Exchange. It had rebounded more than 11 percent over the five previous sessions, its biggest increase in four and a half years. AFP PHOTO / MARK RALSTON / FILES

The board of Savita Oil Technologies Ltd on Friday approved a buyback proposal of up to 2.51 lakh shares at ₹1,390 a share. The buyback size represents up to 1.78 per cent of the total number of equity shares in the total paid-up equity capital of the company. The buyback would be on a proportionate basis through the tender offer. The board also took note of intention of certain members of the promoter group to participate in the proposed buyback. The board has fixed March 5, as the record date for the purpose. Shares of Savita Oil closed 7 per cent higher at ₹1,107.70 on the BSE.

Published on February 19, 2021 15:33