Electric Stock Approves Conversion Of Warrants Into Equity Shares, Gains 373% In 1-Yr

Small cap company Servotech Power Systems Limited shares gained 2.17% today to 77.70 per share in trade today after the update of allotment of equity shares upon conversion of warrants on preferential basis under the provisions of SEBI (ICDR) Regulations, 2018. Servotech Power Systems shares declined 2.21% in last 6-months and offered strong 373% rally in last 1-year span. Check details below:

Servotech Power Systems Gains On Approval of Conversion of Warrants Into Equity Shares: The NSE listed company stated in its regulatory filing dated January 6, 2024, "In furtherance to the Board meeting dated October 15,2022 for allotment of warrants, considered and approved the allotment of 42,50,000* equity shares to Ms. Sarika Bhatia, Promoter of the Company having face value of Rs.1/- each, at an issue price of Rs. 9.30/- per equity share (including premium of Rs.8.30/- per equity share), consequent upon the conversion of 4,25,000 Warrants issued earlier for Rs. 93/-, after adjusting the number of shares, nominal value and premium per share post sub-division of nominal value of the Equity Share of the Company from 1 Equity Share of Rs. 10/- each to 10 Equity Shares of Re. 1/- each on preferential basis, upon receipt of an amount aggregating to Rs. 29,64,3750/- at the rate of Rs. 6.975/- per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018."

Servotech Power Systems Stock Performance & Return: The stock's 52-week high price is Rs 100.00 per share and 52-week low price is Rs 15.70 per share (as on Jan 5, 2023). Servotech Power Systems shares gave return of 5.24% in last 3-months, and surged 373% in last 1-year.

Servotech Power Systems Financials: The company for the quarter ended September 2023 announced more than 3-fold surge in its net profit to Rs 3.12 crore amid higher revenues. It declared a net profit of Rs 78 lakh during the July-Sept period of 2022, as per the BSE filing. Its revenue more than doubled to Rs 86.59 crore for the quarter under consideration as against Rs 40.24 crore in the similar quarter last year.

About The Company: Servotech Power Systems is an NSE-listed organization that develops tech-enabled EV Charging solutions leveraging their over two decades of experience and expertise in the electronics space. We offer an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. With our comprehensive engineering capabilities, we plan to play a pivotal role in developing India's EV tech infrastructure.

Disclaimer:

The stock just highlights approval of conversion of warrants and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.