This company announces stock split - Key details for shareholders

The board of directors of Servotech Power Systems Limited (SPSL) has taken a number of decisions at its board meeting including stock split and alteration of Memorandum of Association of the company.

As per an official statement, "The company board has considered and approved sub-division of equity shares in 1:5 shares. This means that every share with a face value of Rs 10 each will be divided into five equity shares with a face value of Rs 2 each."

The authorized share capital of the company will become 11 crore equity shares with a face value of Rs 2 each from existing 2.2 crore equity shares of Rs 10 each. The action is likely to be completed in the next two months, the company said.

In order to undertake and implement the aforesaid corporate action, the company board has also approved to alter the capital clause in the Memorandum of Association of the company.

The company board has also re-designated Rajesh Mohan Rai from non-executive independent director to whole-time director of the company.

The company board has also given the authorization for creation of charge and borrowings up to the limit of Rs. 200 crores each. It will also consider grant of options to employees under Employees Stock Option Scheme 2022.