378% Gain YTD: Servotech Power Systems Revises Issue Price For Rs. 75.06 Cr Warrants

With a market valuation of Rs 1,647 Cr, Servotech Power Systems is a small-cap company in the electric equipment industry. In a fully convened meeting on November 28, 2023, the Company's Board of Directors adopted several modifications and revised the issue price for Rs. 75.06 Cr. of warrants.

"The Board approved the revision/change in issue price to Rs. 83.40 (Eighty Three and Forty Paisa Only) per warrant to be allotted on preferential basis (instead of earlier decided issue price of Rs. 82/- per warrant) and revise/change and resultant revision of issue size from Rs. 73.80 Crores to Rs. 75.06 Crores," said Servotech Power Systems in a stock exchange filing.

In the warrants issue of Servotech Power Systems, 5 FPIs have taken part. A warrant of 15,00,000 has been allocated to Eminence Global Fund PCCEUBILIA Capital Partners Fund, AG Dynamics Fund Limited, Minerva Ventures Fund, Forbes EMF whereas Coeus Global Opportunities Fund has been allocated 20,00,000 warrants shares.

"Since, the conclusion date of Postal Ballot seeking members approval for the preferential issue is scheduled on 17th December 2023, the relevant date, in terms of Regulation 161 of SEBI (ICDR) Regulations, 2018 which states that "relevant date shall be the date thirty days prior to the date on which the meeting of shareholders is held to consider the proposed preferential issue", should be 17th November 2023. The Board approved the revision/change in relevant date to 17th November 2023 (instead of earlier intimated relevant date 10th November 2023)," informed Servotech Power Systems to stock exchanges.

On Wednesday, the shares of Servotech Power Systems opened higher at Rs 76.95 apiece. The stock has generated a multibagger return of 396.81% in 1 year and on YTD basis the scrip has gained 380.54% so far in 2023.