Savita Oil Technologies has received approval to buyback up to 2,51,000 fully paid-up equity shares of face value of Rs 10 each of the Company equity Shares representing up to 1.75% of the total number of equity shares of the Company at a price of Rs 1,605 per equity share (including premium of Rs 1,595 per Equity Share) payable in cash for an aggregate amount of up to Rs 40.28 crore which is 4.74% of the fully paid-up equity share capital. The Board of Directors of the Company at its meeting held on May 29, 2019 has approved the same.
Savita Oil Technologies has been pioneering petroleum speciality products. Savita exports its products across the globe and is known for its customization and innovative packaging like Flexitanks, ISO tanks and optimized drum-stacking systems.