Check out the details here. Servotech Power Systems approves the conversion of thirty lakh warrants

Stock Market News: The board of Servotech Power Systems Limited has authorized the conversion of warrants into equity, and the company has notified exchanges. The board has given its approval for the conversion of thirty lakh warrants into equity shares, according to the exchange filing.

In the filing, it states that “Non-Promoters/Public Category” will be given preference in the allocation of equity shares upon conversion of 30,00,000 warrants into 30,00,000 equity shares out of 89,00,000 warrants allotted as on January 6, 2024, of a face value of Rs. 1/- each at an issue price of Rs. 83.40 each (including a premium of Rs. 82.40/- per share), upon receipt of the remaining funds totaling Rs. 18,76,50,000/- at the rate of Rs. 62.55 per warrant.”

According to the filing, 59,00,000 warrants are still available for conversion. The holders of these warrants are entitled to have their warrants converted into an equivalent number of company equity shares by paying the remaining 75% of the warrant’s total value, or Rs 62.55, within 18 months of the warrant’s original allotment date.

The equity shares that are awarded upon the conversion of the warrants will be equal to the current equity shares of the company in all respects, including any dividend that may be paid. The company’s issued, subscribed, and paid-up capital has grown from Rs. 21,69,04,290 to Rs. 21,99,04,290 as a result of the aforementioned issuance.