Delhi-based Starlit Power Systems Ltd said that it has allotted 19.36 lakh shares for Rs 5.12 crore to Chinese firm Guangdong Dynavolt Power Technology Ltd.
"The Board of Directors of the Company at its meeting held on September 21, 2015 has allotted 19,36,000 Equity Shares of Rs.10/- on preferential basis to Guandong Dynavolt Power Technologies Co. Ltd for cash at a price of Rs.26.47," the company said in a filing to the Bombay Stock Exchange.
According to the filing, shareholders had earlier on June 30, 2015, approved the above preferential issue and allotment by passing a Special Resolution.
Guangdong, incorporated in China, is a global player that manufactures VRLA (vent-regulated lead acid) batteries for UPS, secondary power and motorcycle applications.
Meanwhile, shares of the company were trading at Rs 15.85 a piece, down 4.52 per cent from the previous close at 10:56 hours on BSE.