Servotech announces final dividend - Check amount and other details

Servotech Power Systems has informed exchanges that its board has recommended a final dividend of 5 per cent per equity share or Re 0.05, having a face value of Rs 1 each, for the financial year 2023-2024. 

However,  the Dividend is subject to the shareholders’ approval in the ensuing Annual General Meeting of the Company. 

"Recommendation of Final Dividend @ 5% per equity share (Re 0.05), having face value of Rs 1 each, for the financial year 2023-2024," the company said in an exchange filing.

Meanwhile, Servotech Power Systems has announced its plan to invest Rs 100 crore in establishing a facility dedicated to manufacturing components for electric vehicle (EV) chargers. 

The company indicated that an investment of Rs 100 crore would be allocated to the creation of an EV charger component manufacturing facility. 

It was mentioned that the plant’s initial annual production capacity is scheduled at 24,000 power modules.

Earlier, Servotech Power Systems Limited informed exchanges that its Board of Directors have approved the conversion of 15,00,000 warrants into an equal number of equity shares. It is to be noted that the company had allotted 89,00,000 warrants of the ace value of Re 1 each on January 06, 2024.