Savanna said it also planned to explore strategic alternatives, which may include a sale of the company among other options.
The company had rejected an unsolicited acquisition offer from Total Energy Services Inc in December as it "significantly" undervalued the shares of the company.
Calgary-based Savanna Energy, which said it was receiving interests from bidders, reiterated its recommendation to shareholders to reject the offer from Total.
Total Energy refuted Savanna's assertion, saying Savanna chose to pursue a "highly dilutive" refinancing deal rather than engage with the company despite the encouragement of several large Savanna shareholders to do so.
(Reporting by Komal Khettry in Bengaluru; Editing by Savio D'Souza and Shounak Dasgupta)
