Servotech Power to issue warrants on preferential basis - Check details

NSE-listed EV charger maker Servotech Power Systems has informed exchanges that its board has approved a proposal for issuing warrants convertible into equity shares on a preferential basis.

"Issue warrants convertible into Equity shares on a preferential basis, pursuant to SEBI (Issue of Capital & Disclosures Requirement) Regulations, 2009. The details of aforesaid is enclosed as Annexure‐II," the company said in an exchange filing.

The company said that it will issue 58,50,000 warrants at a price of Rs 167.40 per warrant in cash, for aggregate consideration upto Rs 97,92,90,000. 

However, the issue and allotment of warrants are subject to the approval of members by way of passing of special resolution at the postal ballot of the company.

The tenure of the warrants shall not exceed 18 months from the date of allotment.