Savita Oil Technologies jumps on executing Share Purchase agreement for acquisition of stake in Savita Polymers
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Savita Oil Technologies is currently trading at Rs. 1516.50, up by 16.15 points or 1.08% from its previous closing of Rs. 1500.35 on the BSE.
The scrip opened at Rs. 1500.00 and has touched a high and low of Rs. 1536.05 and Rs. 1500.00 respectively. So far 1356 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1822.65 on 09-Aug-2021 and a 52 week low of Rs. 650.00 on 19-Oct-2020.
Last one week high and low of the scrip stood at Rs. 1590.00 and Rs. 1441.00 respectively. The current market cap of the company is Rs. 2096.16 crore.
The promoters holding in the company stood at 71.81%, while Institutions and Non-Institutions held 8.84% and 19.35% respectively.
Savita Oil Technologies has executed Share Purchase agreement for acquisition of 6,00,000 equity shares (of face value of Rs 10 each) of Savita Polymers (SPL) having its office at Nariman Point, Mumbai for a total proportionate consideration of Rs 1,24,55,04,060.99. The total proportionate consideration for this acquisition of Rs 1,24,55,04,060.99 is arrived at based on an Enterprise Value of the business of SPL at Rs 80 crore plus Cash and Cash Equivalents and Fair Value of Investments of SPL as on closing hours of October 06, 2021, together totalling to Rs 1,26,62,62,462 for a total of 6,10,000 equity shares (including 10,000 equity shares already held by the Company).
Upon transfer of equity shares of SPL to the demat account of the Company, which process is underway, SPL shall become a wholly owned subsidiary of the Company.
Savita Oil Technologies has been pioneering petroleum speciality products.
