Servotech Power Systems Okays Conversion of 30 Lakh Warrants Into Shares

The Board of Directors of Servotech Power Systems Limited met on April 8, 2024, to consider the conversion of 30 lakh warrants into equity shares. Out of 89 lakh total warrants allotted earlier, 30 lakh warrants were converted into equity shares. These warrants were allotted to the non-promoters/public category at an issue price of Rs 83.40 each (including a premium of Rs 82.40 per share). The conversion resulted in an increase in the company's issued, subscribed and paid-up capital from Rs 21,69,04,290 to Rs 21,99,04,290.

Forbes EMF and Minerva Ventures Fund converted 15 lakh warrants each into equity shares, resulting in them holding 15 lakh equity shares each post-conversion. The conversion amount received from these two allottees is Rs 18,76,50,000 (Rs 62.55 per warrant). There are still 59 lakh warrants pending conversion and the warrant holders can convert them by paying Rs 62.55 per warrant within 18 months from the date of allotment.

The 52-week high of the stock is Rs 108.70 and the 52-week low of Rs 21.78 with a market cap of Rs 1,985 crore.
Recently, Servotech Power Systems Ltd and Electra EV have joined forces to pioneer innovative EV charging technologies, marking a significant milestone in India's electric vehicle landscape. Their collaboration aims to develop India's first fast-charging interoperability solutions between GB/T and CCS2 protocols, enabling fast DC charging of GB/T Bharat DC 001 vehicles from CCS2 charging networks.This revolutionary technology eliminates the need for costly dual infrastructure deployment, benefiting both passenger services and commercial vehicles.

Servotech Power Systems is in the business of development of tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. It offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications.