EV, solar power stock Servotech Power allots shares to US and Mauritius-based FIIs | Mint – Mint
Stock market today: Shares of Servotech Power Systems Ltd have been in the news since early morning. The solar power and EV charging solution company has declared the allotment of equity shares to Minerva Venture Funds and Forbes EMF against the warrants issued to these FIIs in January 2024. The energy company said in its stock market communication that the share allotment committee of the company has allotted 15 lakh shares each to the US-based FII Minerva Ventures Fund and Mauritius-based Forbes EMF.
Share allotment details
Servotech Power Systems Ltd informed Indian stock market exchanges about the allotment of shares to the FIIs saying, “In furtherance to our communication dated January 06, 2024 w.r.t. to allotment of warrants, in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Sub-Committee of the Board of Directors of Company at its duly convened meeting held today i.e. Monday, April 08, 2024, at the registered office of the Company, inter‐alia, considered and allotment of equity shares on conversion of 30,00,000 warrants into 30,00,000 equity shares¸ out of 89,00,000 warrants allotted as on January 06, 2024, of face value of Re. 1/- each at an issue price of Rs. 83.40 each (including a premium of Rs. 82.40/- per share), to “Non-Promoters/Public Category”, on a preferential basis, upon receipt of balance amount aggregating to Rs. 18,76,50,000/- at the rate of Rs. 62.55 per warrant (being 75% of the issue price per warrant) for cash from the following allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018.”
In January 2024, Servotech Power Systems Ltd informed Indian stock market exchanges about the issuance of 89 lakh warrants to three FIIs — Minerva Ventures Fund, Forbes EMF, and AG Dynamics Fund. The energy company said that out of 89 warrants, 45 lakh warrants were issued to these three FIIs. All three FIIs were allotted 15 lakh warrants for ₹83.40 apiece. One more Mauritius-based FII Coeus Global Opportunities Fund was allotted 20 lakh warrants, each convertible in an equal number of equity shares.
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Published: 09 Apr 2024, 01:08 PM IST
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