This EV charging solutions provider approves allotment of convertible warrants

The company also said that its board has approved the allotment of 42,50,000 equity shares having a face value of Re 1 each to a promoter.

Servotech Power Systems Limited, a tech-enabled EV charging solutions provider, has informed the exchanges that its board of directors have approved the allotment of 89 lakh convertible warrants to select investors.

"...allotment of 89,00,000 (Eighty Nine Lakh) fully Convertible Warrants ('Warrants'), carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant, to persons
belonging to ‘Promoter and NonPromoter, Public Category’ on preferential basis at an issue price of Rs. 83.40/- per Warrant, after receipt of stipulated amount i.e. 25% of the Issue Price as
subscription amount," the company said in an exchange filing.

The company also said that its board has approved the allotment of 42,50,000 equity shares having a face value of Re 1 each to a promoter.

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"Allotment of 42,50,000 equity shares having face value of Rs.1/- each, at an issue price of Rs. 9.30/- per equity share (including premium of Rs.8.30/- per equity share), upon receipt of an
amount aggregating to Rs. 29,64,3750/- at the rate of Rs. 6.975/- per warrant (being 75% of the issue price per warrant),"

Earlier, state-owned refiner Bharat Petroleum Corporation has awarded an order for electric vehicle (EV) chargers to Servotech Power Systems. Servotech Power Systems and BPCL had previously worked together to transform the E-Mobility landscape. Informing the BSE about the order, Servotech on Wednesday said that the order is for manufacturing, supplying and installing EV chargers across the nation.

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