Servotech Power Systems changes preferential issue price to ₹83.40 per share | Mint
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Business News/ Markets / Stock Markets/  Servotech Power Systems changes preferential issue price to 83.40 per share

Servotech Power Systems changes preferential issue price to ₹83.40 per share

Servotech Power Systems board changed the reference date from 10th November to 17th November 2023 that led to change in preferential issue price from ₹82 to ₹83.40 per equity share

Due to change in Servotech preferential issue price, issue size has gone up from ₹73.80 crore to ₹75.06 crore. (Photo: Bloomberg)Premium
Due to change in Servotech preferential issue price, issue size has gone up from 73.80 crore to 75.06 crore. (Photo: Bloomberg)

Servotech Power Systems preferential issue 2023: The board of directors of Servotech Power Systems Ltd has revised issue price from 82 per equity share to 83.40m per share. The company board revised preferential issue price in its board meeting held on Tuesday. Due to change in Servotech Power Systems preferential issue price, the issue size would change from 73.80 crore to 75.06 crore.

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Informing Indian stock market exchanges about revision in preferential issue price, Servotech Power Systems Ltd said, "In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of the Board meeting dated 11th November, 2023 wherein preferential issue of 90,00,000 warrants in terms of SEBI (ICDR) Regulations, 2018, was approved subject to all necessary approvals, and pursuant to the power conferred to the board, in relation to the preferential issue, to take necessary decision to settle any question, difficulty or doubt that may arise subsequently in this regard, the Board of Directors of the Company in the meeting duly held on 28th November 2023 took the following decisions: 1] Revision/Change in Relevant date: Since, the conclusion date of Postal Ballot seeking members approval for the preferential issue is scheduled on 17th December 2023, the relevant date, in terms of Regulation 161 of SEBI (ICDR) Regulations, 2018 whichstates that “relevant date shall be the date thirty days prior to the date on which the meeting of shareholders is held to consider the proposed preferential issue", should be 17th November 2023."

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Servotech power Systems preferential issue details

"Consequent to change in relevant date and as per the reworked minimum issue price, in terms of the provisions of Regulation 164 of the SEBI (ICDR) Regulations, 2018, issue price also needs to be revised/changed. The Board approved the revision/change in issue price to Rs. 83.40 (Eighty Three and Forty Paisa Only) per warrant to be allotted on preferential basis (instead of earlier decided issue price of Rs. 82/- per warrant) and revise/change and resultant revision of issue size from Rs. 73.80 Crores to Rs. 75.06 Crores," Servotech Power Systems told market bourses.

The company board also allotted preferential shares to the applicants, which includes mauritius-based FII AG Dynamics Funds. Minerva Ventures Fund, Minerva Ventures Fund and Coeus Global Opportunities Fund are other FIIs who have been allotted preferentil shares.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 29 Nov 2023, 09:55 AM IST
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