Servotech Power Systems Hits 5% Upper Circuit On Announcing 58.5 Lakh Convertible Warrants Issue

Strong buying behaviour was seen in Servotech Power Systems, a maker of EV chargers after the share price was locked at Rs 191.99, a 5% upper circuit limit. The corporation announced that it was going to issue preferential shares as a means to acquire funds, and that statement sparked the rise. At a meeting on September 23, 2024, the Board of Directors approved the issue of warrants convertible into equity shares. The approximate total amount for which the securities will be issued, or the total number of securities aimed to be issued: 58,50,000 warrants will be issued at a cash price of Rs 167.40 each, with a maximum total value of Rs 97,92,90,000, the company stated in a filing on Monday.

"The Board has approved the Notice of Postal Ballot. Notice of Postal Ballot will be disclosed separately and The Board has fixed Friday, 20th September, 2024 as the Cut-Off date for the purpose of the dispatch of Notice of Postal Ballot electronically, along with the details of e-voting to the Members," the company said in a stock exchange filing.
Servotech Power Systems has also appointed Mr. Debabrata Deb Nath, Practicing Company Secretary (ICSI Membership No. 7775 and C.P No.8612) as a scrutinizer for conducting remote e-voting process.

"The Board of Directors of the Company in its meeting held on 23rd September, 2024 subject to approval of the members of the Company, approved alteration and substitution of the existing Clause V of the Memorandum of Association of the Company with the following new Clause V below: V. The Authorised Share Capital of the Company is Rs. 50, 00, 00,000 (Rupees Fifty Crore) divided into 50,00,00,000 (Rupees Fifty Crore) equity shares of face value Rs. 1/‐ (Rupees One) each," said Servotech Power Systems in NSE-filing.

Bangalore Electricity Supply Company Limited (BESCOM) recently awarded Servotech Power Systems Ltd., the country's leading producer of EV chargers, a significant contract to construct 11 DC Fast EV charging stations. The agreement was signed on September 10, 24. Under this deal, Servotech will build 11 Regional Transport Office (RTO) facilities around Karnataka with public electric vehicle (EV) charging stations. The initiative would greatly improve the infrastructure for electric vehicle charging, making it easier for EV owners to charge their vehicles in different parts of Karnataka.

From initial planning and design up to the final installation, Servotech will oversee every step of project implementation. This involves developing a thorough strategy that guarantees the proper positioning and number of EV charging stations at every RTO location. Strict safety and performance standards will be met during the manufacturing, testing, and inspection of high-quality charging stations. Servotech will also take care of the necessary electrical connections and power supply arrangements in addition to providing warranty support.

Servotech Power Systems is an NSE-listed company that uses its more than 20 years of experience and knowledge in the electronics industry to offer tech-enabled EV charging solutions. It provides a wide selection of AC and DC chargers that are compatible with many EVs and have a variety of uses, including residential and commercial.