In this article, we will discuss about Savita Oil Technologies Limited Buyback offer, buyback price, buyback size, Savita Oil Technologies Buyback record date, company financial, buyback necessity and its impact on company.

Savita Oil Technologies Limited Buyback Details

Buyback TypeTender Offer
Buyback Opening DateNA
Buyback Closing DateNA
Buyback Offer AmountRs.35,14,00,000/-
Buyback No. of Shares2,51,000
Face ValueRs. 10
Date of Buyback ApprovalFebruary 19, 2021
Date of Public AnnouncementFebruary 22, 2021
Buy Back PriceRs.1400/-
Buy Back Premium78.97%
Date of Board MeetingFebruary 19, 2021

Savita Oil Technologies Buyback Opening and Closing Date

The starting and closing date of this buyback is NA.

Savita Oil Technologies Buyback Cash Offer

The Cash Offer to Buy-back up to 2,51,000 fully paid-up equity shares of the Company of face value of Rs.10 each, representing 1.78% of the total number of equity shares.

Savita Oil Technologies Buyback Record Date

The decided record date is March 05, 2021.

Savita Oil Technologies Buyback Price

At a price of Rs.1400/- per Equity Share.

Savita Oil Technologies Buyback Size

At a buyback price of Rs.1400/- payable in cash for an aggregate consideration not exceeding Rs.35,14,00,000/-.

Savita Oil Technologies Limited Buyback Acceptance Query

You can check for Buyback Acceptance query here. Just click on the given link and it will redirect you to buyback acceptance query page.


Savita Oil Technologies Limited Buyback Acceptance Ratio

Find profit & profit percentage based on various acceptance rate, The profit is calculated based on 1000 shares.

Acceptance RatioTotal Shares AcceptedBuyback PriceBuyback AmountProfitProfit%
20%2001400280000620405.69%
40%400140056000012408011.39%
60%600140084000018612017.08%
80%8001400112000024816022.77%
100%10001400140000031020028.46%

Profit is calculated from 01 Mar 2021 share price i.e. Rs.1089.8 per share of Savita Oil Technologies Limited.

According to the above table, if a share owner applies for 1000 shares of Savita Oil Technologies limited & gets 20% acceptance from the company and the owner with 1000 shares will sell 200 shares @ Rs.1400 per share & receive Rs.62040 as profit amount & 5.69% profit percentage on selling these 200 shares back to the company.

Similarly, if the owner gets 60% acceptance of share from the company, the owner will sell 600 shares @ Rs.1400 & receive a profit of Rs.186120 @ 17.08% profit percentage.


Savita Oil Technologies Limited Buyback Overview

Savita Oil Technologies Limited BuybackThe Company has three manufacturing facilities – one is located in Turbhe, Navi Mumbai, Maharashtra and the other two in Silvassa – Union Territory of Dadra & Nagar Haveli at Kharadpada and Silli. The Company’s latest plant in Silli, Silvassa is a fully automated state of the art manufacturing unit that started operations in 2013.

Company is engaged in manufacturing and marketing of petroleum specialty products including transformer oils, white oils, lubricating oils, industrial oils, greases, etc.

The Company has also set up a number of windmills ranging in capacities from 350 KW to 1650 KW at different sites in the states of Maharashtra, Karnataka and Tamil Nadu for the generation of energy out of the wind.


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Company Finances – Savita Oil Technologies Limited

The financial information for last three audited standalone financial years is stated below:

[In Rs. Lakhs]

Particularssix
months
ended
12 Months period ended March 31
(Audited)
September 30, 2020202020192018
Revenue from operations74,434.122,04,617.282,26,251.871,82,462.75
Other Income1,634.631,161.141,839.86955.29
Total Income76,068.752,05,778.422,28,091.731,83,418.04
Total Expenses (excluding finance cost, depreciation & amortization)68,185.831,89,082.292,06,572.391,63,846.80
Finance Cost364.451,998.832,895.041,375.19
Depreciation and amortization expenses979.112,222.492,353.232,588.27
Profit before tax6,539.3612,474.8116,271.0715,607.78
Provision for tax
(including Deferred Tax)
1707.072,910.574,844.062,988.19
Profit /(Loss) after tax4,832.299,564.2411,427.0112,619.59
Equity Share Capital1,407.111,407.111,432.211,432.21
Other Equity90,270.4485,451.3683,728.2772,798.72
Networth91,677.5586,858.4785,160.4874,230.93
Total Debt (Excluding working capital loans)45.41131.16383.00599.41

Savita Oil Technologies Limited Buyback Dates

Date of Board Meeting approving the BuybackFebruary 19, 2021
Date of publication of Public Announcement for BuybackFebruary 23, 2021
Record Date for determining the Buyback Entitlement and the names of Eligible ShareholdersMarch 05, 2021
Buyback Opening date
Buyback Closing date
Last Date of verification of Tender Forms by the Registrar
Last date of intimation regarding acceptance / non-acceptance of Tendered Equity Shares to the BSE Limited by the Registrar
Last date of Settlement of Bids on the BSE Limited
Last date of return of unaccepted Equity Shares by BSE Limited
Last date of Extinguishment of Equity Shares

Details of Public Announcement

In accordance with the provisions of Regulation 7 of the Buyback Regulations, the Company has made the Public Announcement dated February 22, 2021 for the Buyback of Equity Shares which was published within two Working Days i.e. on February 23, 2021 from the date of passing of the resolution at the meeting of the Board of Directors held on February 19, 2021 in the following newspapers:

PublicationLanguageEdition
Financial ExpressEnglishAll editions
JansattaHindiAll editions
NavshaktiMarathiRegional Edition

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Necessity of Savita Oil Technologies Limited Buyback

This Buyback is being proposed by the Company to service the equity more efficiently. Additionally, the Company’s management strives to increase equity shareholders value and the Buyback would result in amongst other things:

  • The Buyback may help in improving earnings per share, return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders’ value;
  • Buyback gives an option to the equity shareholders, who can either choose to participate and get cash in lieu of Equity Shares to be accepted under the Buyback; or choose to not participate and enjoy a resultant increase in their percentage shareholding, post the Buyback, without additional investment;
  • This Buyback, which is being implemented through the Tender Offer as prescribed under the Buyback Regulations, would involve allocation of higher of number of shares as per their entitlement or 15% of the number of shares to be bought back, reserved for the Small Shareholders.
  • The Company believes that this reservation for Small Shareholders would benefit a large number of public shareholders, who would get classified as Small Shareholder.

Impact of Savita Oil Technologies Limited Buyback on the Company

The Buy-Back is not likely to cause any material impact on the profitability or earnings of the Company except to the extent of reduction in the amount available for investment, which the Company could have otherwise deployed towards generating investment income.

Assuming the response to the Buyback is 100% (full acceptance) from all the Eligible Sellers in proportion to their respective Buyback Entitlement, the aggregate shareholding of the Promoter and Persons in Control post the Buyback may increase to [●] % from 71.75% prior to Buyback.

The Buyback is 100% (full acceptance) from all the Eligible Sellers in proportion to their respective Buyback Entitlement, the aggregate shareholding of the Equity Shareholders other than Promoter and Persons in Control, post the Buyback may decrease to [●] % from 28.25% prior to Buyback.

The Company confirms that as required under section 68(2)(d) of the Companies Act, 2013 the ratio of the aggregate of secured and unsecured debts owed by the Company will be not more than twice the paid-up share capital and free reserves after the Buyback based on the latest standalone audited statement and interim financial statements of the Company;

Salient financial parameters consequent to the Buyback based on the latest audited standalone financial statements for the period ended on March 31, 2020 are as under:

Parameters (based on audited standalone financial statements for year ended March 31, 2018)Pre Buy-backPost Buy-back
(Assuming Full Acceptance)
Net worth (Rs in Lakhs)86,858.4783,344.47
Return on Net worth (%)11.01%11.48%
Earnings Per Share (Rs)67.5568.77
Book Value per Share (Rs)617.28603.07
P/E as per the latest audited standalone financial statements9.048.88
Total Debt / Equity Ratio0.010.01

Basis of Calculating Savita Oil Technologies Buyback Price

The Buyback Price of Rs. 1400/- per Equity Share has been arrived at after considering various factors including, but not limited to, the volume weighted average market price of the Equity Shares on the NSE during 3 months preceding the date of the intimation of the Board Meeting the closing market price on the date of the intimation of the Board Meeting and the impact on the net worth of the Company and possible impact of Buyback on earnings and return on net worth per Equity Share.

More on Savita Oil Technologies Buyback Price Calculation

The Buyback Price represents a premium of 78.97% over the volume weighted average market price of the Equity Shares on the NSE (the Stock Exchange where the maximum volume of trading in the Equity Shares is recorded) for 3 months preceding the date of the intimation of the Board Meeting i.e. February 16, 2021 which was Rs.782.27. The closing market price of the Equity Shares as on the date of the intimation of the Board Meeting i.e. February 16, 2021 was Rs. 917.80 on NSE and Rs. 916.40 on BSE, respectively.


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Source of Funds for the Buyback

The funds for the Buyback will be sourced from adequate internal accruals/reserves and surplus and firm financial resources of the Company. The Company does not intend to raise additional debt for the explicit purposes of the Buyback. Thus, borrowed funds will not be used for the Buyback. However, if required, the Company may borrow funds in the ordinary course of its business.

The Company shall transfer from its free reserves a sum equal to the nominal value of the equity shares bought back through the Buyback to the Capital Redemption Reserve Account and details of such transfer shall be disclosed in its subsequent audited standalone financial statements.


Savita Oil Technologies Limited – Manager to the Buyback

ITI Capital Limited
(Formerly known as Inga Capital Limited)
Naman Midtown, 21st Floor, ‘A’ Wing,
Senapati Bapat Marg, Elphinstone (West),
Mumbai – 400 013, Maharashtra.
Tel. No.: +91 22 4031 3489, Fax No.: +91 22 4031 3379;
Contact Person: Mr. Mihir Pandhi / Ms. Nimisha Joshi;
Email: savita.buyback2019@iticapital.in;
Website: www.iticapital.in;
SEBI Registration No: INM000010924
CIN:U74140MH1999PLC122493
Valid upto : Permanent Registration

Savita Oil Technologies Limited – Registrar to the Buyback

Link Intime India Private Limited
C 101, 247 Park, L.B.S. Marg,
Vikhroli (West), Mumbai 400 083, Maharashtra, India.
Tel. No.: +91 22 4918 6200; Fax: +91 22 4918 6195
Contact person: Mr. Sumeet Deshpande;
Email:savita.buyback2019@linkintime.co.in;
Website: www.linkintime.co.in;
SEBI Registration No:INR000004058;
CIN:U67190MH1999PTC118368
Valid upto: Permanent Registration

Savita Oil Technologies Contact Details

Company Contact Details
SAVITA OIL TECHNOLOGIES LIMITED
Registered Office: 66/67, Nariman Bhavan, Nariman Point, Mumbai – 400 021
Corporate Identity Number (CIN): L24100MH1961PLC012066
Tel. No.: +91 22 6624 6200; Fax: +91 22 2202 9364; Email: legal@savita.com;
Website: www.savita.com; Contact Person: Mr. Uday Rege, Company Secretary & Compliance Officer

 


Savita Oil Technologies Limited Buyback News

News 1 – Buyback PDF / Draft Letter of Offer [Download]

News 2 – Savita Oil Technologies Ltd – Public Announcement


FAQs of Savita Oil Technologies Buyback

What is the Savita Oil Technologies Buyback Period?

Savita Oil Technologies Buyback Period is briefly the time interval starting from the date of declaration of results of the postal ballot through remote e-voting i.e. NA. The period basically ends on the date of payment of consideration to Eligible Shareholders who participated in the Buyback, i.e. NA.

What type of buyback is Savita Oil Technologies Buyback?

This company has chosen the route of Tender offer to repurchase the shares from the eligible shareholders. Tender offer route is one of the Two Routes generally chosen by the companies, i.e. Tender Offer and Open Market Through Stock Exchanges.

What is the Savita Oil Technologies Buyback Offer?

Savita Oil Technologies Buyback Offer refers to the number of shares the company plans to buy back from the eligible shareholders. Herein, the company proposes to buyback 2,51,000 Fully paid up Equity shares, adhering to the buyback price.

When Savita Oil Technologies Buyback offer will start?

As per the released schedule, the Savita Oil Technologies Buyback offer will start on NA. This is the opening date from when the Buyback will open for all shareholders. You will find the updated records of Savita Oil Technologies Buyback at all times, we ensure you have access to the right data.

When is the closing date of Savita Oil Technologies Buyback?

For ease in access to the dates and related aspects, we have segregated the closing date of Savita Oil Technologies Buyback. The buyback would close on NA. The closing date is the last day for which the Buyback shall be open for the shareholders.

What is the offer price for Savita Oil Technologies Buyback?

The amount at which the shares are taken back by the company is referred to as  Savita Oil Technologies Buyback offer price. Herein, each and every fully Paid-up equity share is priced at Rs.1400, the price paid to each eligible shareholder.

What is the record date for Savita Oil Technologies Buyback offer?

Record date of Savita Oil Technologies Buyback is March 05, 2021. Record date is generally the day when eligible shareholders are declared. Furthermore, complying with Buyback regulations, letter of offer and Tender form is sent to the eligible shareholders.

What is the issue size of Savita Oil Technologies Buyback?

Savita Oil Technologies Buyback Size is Rs.35,14,00,000 and is the total worth of Equity Shares the company plans on taking back. This amount is obtained from the total number of equity shares, multiplied by the Buyback price.

What is the necessity for Savita Oil Technologies Buyback?

Objective of the Savita Oil Technologies Buyback is to enhance the total return made by equity shareholders. Herein, the excess funds are given to the equity shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans. Through buyback, the company will distribute the surplus cash to shareholders as per their holding proportion.

Who is the Registrar to Savita Oil Technologies Buyback offer?

The designated registrar of Savita Oil Technologies Buyback is Link Intime India Private Limited. You can find all the details related to the registrar in this report and contact them if you have any queries. You can check the details of the registrar, contact person, email address and more.

Who is the Manager to the Savita Oil Technologies Buyback offer?

Manager to the Savita Oil Technologies Buyback is ITI Capital Limited. Manager basically ensures that the company following up buyback strictly adheres to and in conformity with the provisions of the Companies Act and Buyback Regulations.

How to check Savita Oil Technologies buyback acceptance ratio?

Acceptance ratio is basically the proportion of shares the company accepts, to the final number of shares tendered. It refers to how much the company would buyback and how profitable it would be for you. You can also check how much profit (%) you will earn. Click on the link and check on the website page.

Where to find Savita Oil Technologies Buyback Dates / Events?

You can check the table for the list of events, as designed for the buyback. This article is your one and final destination to check all the Savita Oil Technologies Buyback information. You will encounter a section exclusively set to record the dates, in this article, referred to as Savita Oil Technologies Buyback Dates.

What can be the Impact of Savita Oil Technologies Buyback on the Company?

The Buyback will not in any manner impair the ability of the Company to pursue growth opportunities or meet its cash requirements for business operations. The Buyback is expected to contribute to the overall enhancement of shareholder value and result in an increase in the return on equity of the Company. This Buyback is being undertaken, inter alia, for helping the Company to return surplus cash to the Eligible Shareholders broadly in proportion to their shareholding.

Where to find complete details on Savita Oil Technologies Buyback?

As mentioned already, this page would give you every single detail about this buyback. Also, you find the link to download the Draft / Letter of Offer. Each and every section is vividly and carefully placed, giving you insights into all major as well as minor aspects of the ratio. The article is also inclusive of all the links.

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