Servotech Power Systems Limited, a tech-enabled EV charging solutions provider, has informed exchanges that the sub-committee of the board of directors of the company has consider the conversion of 30 lakh warrants into equity shares.
 
"Considered and allotment of equity shares on conversion of 30,00,000 warrants into 30,00,000 equity shares¸ out of 89,00,000 warrants allotted as on January 06,2024, of face value of Re. 1/- each at an issue price of Rs. 83.40 each (including a premium of Rs. 82.40/- per share), to “Non-Promoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs. 18,76,50,000/- at the rate of Rs. 62.55 per warrant," the filing reads.

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The filing said that 59,00,000 warrants are outstanding for conversion and these warrant holders are entitled to get their warrants converted into an equal number of equity shares of the company by paying the remaining 75 per cent i.e. Rs 62.55 per warrant within 18 months from the date of the warrant allotment. 

Earlier, it approved the allotment of 89 lakh convertible warrants to select investors. 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.

"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.