Servotech Power Systems changes preferential issue price to ₹83.40 per share

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Informing Indian stock market exchanges about revision in preferential issue price, Servotech Power Systems Ltd said, “In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of the Board meeting dated 11th November, 2023 wherein preferential issue of 90,00,000 warrants in terms of SEBI (ICDR) Regulations, 2018, was approved subject to all necessary approvals, and pursuant to the power conferred to the board, in relation to the preferential issue, to take necessary decision to settle any question, difficulty or doubt that may arise subsequently in this regard, the Board of Directors of the Company in the meeting duly held on 28th November 2023 took the following decisions: 1] Revision/Change in Relevant date: Since, the conclusion date of Postal Ballot seeking members approval for the preferential issue is scheduled on 17th December 2023, the relevant date, in terms of Regulation 161 of SEBI (ICDR) Regulations, 2018 whichstates that “relevant date shall be the date thirty days prior to the date on which the meeting of shareholders is held to consider the proposed preferential issue”, should be 17th November 2023.”

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Servotech power Systems preferential issue details

“Consequent to change in relevant date and as per the reworked minimum issue price, in terms of the provisions of Regulation 164 of the SEBI (ICDR) Regulations, 2018, issue price also needs to be revised/changed. The Board approved the revision/change in issue price to Rs. 83.40 (Eighty Three and Forty Paisa Only) per warrant to be allotted on preferential basis (instead of earlier decided issue price of Rs. 82/- per warrant) and revise/change and resultant revision of issue size from Rs. 73.80 Crores to Rs. 75.06 Crores,” Servotech Power Systems told market bourses.

The company board also allotted preferential shares to the applicants, which includes mauritius-based FII AG Dynamics Funds. Minerva Ventures Fund, Minerva Ventures Fund and Coeus Global Opportunities Fund are other FIIs who have been allotted preferentil shares.

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Updated: 29 Nov 2023, 09:57 AM IST