Pursuant to the above allotment the issued, subscribed and paid up capital of the company has been increased from Rs. 21,69,04,290/- to Rs. 21,99,04,290/-.
Stock Market News: Servotech Power Systems Limited has informed exchanges that its board has approved the conversion of warrants into equities. As per the exchange filing, the board has approved the conversion of 30 lakh warrants into equity shares.
“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 preferential basis, upon receipt of balance amount aggregating to Rs. 18,76,50,000/- at the rate of Rs. 62.55 per warrant,” the filing reads.
The filing said that 59,00,000 warrants are outstanding for conversion and these warrant holders are entitled to get their warrants converted into an equal number of equity shares of the company by paying the remaining 75 per cent i.e. Rs 62.55 per warrant within 18 months from the date of the warrant allotment.
These equity shares allotted on conversion of the warrants shall rank pari-passu, in all respects with the existing equity shares of the Company, including dividend, if any. Pursuant to the above allotment the issued, subscribed and paid up capital of the company has been increased from Rs. 21,69,04,290/- to Rs. 21,99,04,290/-.