The Servotech Power Systems Ltd. board of directors changed the issuance price per equity share from ₹82 to ₹83.40 million. The preferred issue price was updated by the corporate board during its Tuesday meeting. Servotech Power Systems’ preferred issue price changed, resulting in a ₹75.06 crore issue size instead of ₹73.80 crore.
Servotech Power Systems Ltd has informed Indian stock market exchanges regarding the revision in preferential issue price. According to the company, this decision is in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting on November 11, 2023, had initially approved the preferential issue of 90,00,000 warrants as per SEBI (ICDR) Regulations, 2018, pending necessary approvals. The Board of Directors, in their meeting on November 28, 2023, utilized the conferred power to make decisions related to the preferential issue and address any subsequent questions, difficulties, or doubts.
Modification in the Relevant Date: With the Postal Ballot to obtain member approval for the preferential issue set for December 17, 2023, the applicable date, as per Regulation 161 of SEBI (ICDR) Regulations, 2018, specifying the relevant date as the date thirty days prior to the date on which the meeting of shareholders is held to consider the proposed preferential issue, is adjusted to November 17, 2023.
Details of the preferred problem for Servotech power systems
The issue price must also be revised or altered in accordance with the provisions of Regulation 164 of the SEBI (ICDR) Regulations, 2018, in light of the new minimum issue price and the necessary date changes. The Board has approved the revision/change in the issue price, which will now be allocated on a preferential basis at Rs. 83.40 (eighty-three and forty paisa only) per warrant instead of the previously decided issue price of Rs. 82/-per warrant. Additionally, the issue size will also be revised, going from Rs. 73.80 Crores to Rs. 75.06 Crores, Servotech Power Systems informed the market bourses.
Preferential shares were also granted by the firm board to the applicants, among them FII AG Dynamics Funds, a Mauritius-based organization. Other FIIs that have been granted preferential shares include Minerva Ventures Fund, Coeus Global Opportunities Fund, and Minerva Ventures Fund.
