Servotech Power shares hit upper circuit; board revises preferential issue price & size

Shares of Servotech Power Systems Ltd hit their upper price band on Thursday. The company recently announced an upward revision in the issue price and issue size of its warrants on a preferential basis. The company informed about the same through an exchange filing on Tuesday.

The company board of Servotech approved the revision in issue price to Rs 83.40 per warrant to be allotted on a preferential basis, which was earlier decided at Rs 82 per warrant, said the company in exchange filing. The also led to resultant revision of issue size to Rs 75.06 crore from Rs 73.80 crore, it added.
 

Overseas investor funds including Eminence Global Fund, AG Dynamics Fund, Minerva Ventures Fund, Forbes EMF and Coeus Global Opportunities Fund have been issued warrants along with other investors belonging to promoter and non-promoter category. The company has issued a total of 90 lakh warrants.

Shares of NSE-listed Servotech Power Systems opened at an upper circuit of 5 per cent at Rs 81.60, commanding a total market capitalization of close to Rs 1,700 crore. Shares of Servotech Power had settled at Rs 77.75 in the previous trading session on Wednesday.

The company also revised the date for shareholders approval and list of allottees as well. The company board approved the revised date for seeking members approval for the preferential issue to December 17 2023 from December 10 earlier.

Servotech's profit after tax surged over 300 per cent on a year-on-year (YoY) basis to Rs 3.12 crore in the September 2023 quarter. Its revenue from operation surged more than 114 per cent to Rs 85.93 crore in the second quarter of the ongoing financial year.
 

Servotech Power Systems develops 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 such as commercial and domestic.

 

 

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