Shares of Savita Oil Technologies gained over 10% on Monday after SBI Mutual Fund acquired stake via a block deal on Friday, according to data on the exchanges.
One of India’s largest mutual fund houses acquired a 3% stake or 20.73 lakh shares in Savita Oil Technologies in the block deal, where shares changed hands at ₹408 per share.
Mehra Syndicate, one of the promoter entities was the seller in this transaction.
Before this transaction, promoters of Savita Oil Technologies had a 71.92% stake in the company based on the December shareholding pattern.
Among public shareholders, only HDFC Mutual Fund is the one that has a 7.4% stake in the company.
Savita Oil Technologies is a manufacturer and distributor of greases, transformer oils, industrial oils and petroleum products.
Earlier, Savita Oil Technologies had carried out a stock split, where it divided one share of ₹10 into five shares of ₹2 each. It also carried out a buyback of equity shares in March 2021. It had acquired 2.51 lakh equity shares via the tender offer route at a price of ₹1,400 apiece.
Shares of Savita Oil Technologies are trading 8% higher currently at ₹444.9. The stock is trading close to its 52-week high of ₹484.95. Shares have risen 88% over the last 12 months and 27% so far in the first three months of 2024.
Post today’s surge, the company’s overall market capitalisation has crossed the mark of ₹3,000 crore.
