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Servotech Renewable Power System Limited — Capital/Financing Update 2023
Nov 28, 2023
62223_rns_2023-11-28_ef258628-bf6d-4bda-a83a-24073740078c.pdf
Capital/Financing Update
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28[th] November, 2023
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To, National Stock Exchange of India Limited Exchange Plaza, NSE Building Bandra-Kurla Compex, Bandra (E), Mumbai-400051
Trading Symbol: SERVOTECH
Sub.: Outcome of Board Meeting
Dear Sir/Madam,
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 17[th] December 2023, the relevant date, in terms of Regulation 161 of SEBI (ICDR) Regulations, 2018 which states 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 17[th] November 2023.
The Board approved the revision/change in relevant date to 17[th] November 2023 (instead of earlier intimated relevant date 10[th] November 2023).
2. Addendum to the Valuation report
With the revision/change in relevant date, necessary changes in Valuation Report obtained from Mr. Hitesh Jhamb, Registered Valuer (IBBI/RV/11/2019/12355) in terms of Regulation 164 of SEBI (ICDR) Regulations, 2018 also required, and accordingly, an addendum capturing the revision/change in relevant date and consequent change in minimum price has also been obtained.
The Board considered and approved the addendum to the Valuation Report dated 25[th] November 2023.
3. Revision/Change in issue price
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.
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Servotech Power Systems Limited
CIN : L31200DL2004PLC129379 REGISTERED OFFICE: 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, Rohini, New Delhi -110085 PLANT AND R&D :76A,Sector-57, Kundli Industrial Area, Sonepat, Haryana-131028 Tel No : 011-41183117,• Sales: +91 9717691800,• Email : [email protected] , •Website: www.servotech.in
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4. Revision in list of allottees
Further, during the scrutiny of the documents, it was observed that one allottee Mr. Rahul Jain has become ineligible in terms of the provisions of the Regulation 159 of the SEBI (ICDR) Regulations, 2018 and as such warrants could not be allotted to him.
The Board took note of the same and decided to replace his name from the list of proposed allottees with the following new allottees, keeping the number of warrants to be allotted unchanged.
| Name of the new proposed allottees | Category | No. of maximum Warrants to beallotted |
|---|---|---|
| Aparna Jain | Non-Promoter | 100000 |
| Nikhil Batra | Non-Promoter | 200000 |
and approved the revised list of allottees as per the following details:
| S.No. | Name of the proposed allottees | Category | Sub‐category | No. of maximumWarrantstobeallotted |
|---|---|---|---|---|
| 1 | Raman Bhatia | Promoter | Individual | 5,00,000 |
| 2 | EminenceGlobalFundPCC-EUBILIACapital PartnersFund | Non-Promoter | FPI | 15,00,000 |
| 3 | AG Dynamics Fund Limited | Non-Promoter | FPI | 15,00,000 |
| 4 | Aveen KaurSood | Non-Promoter | Individual | 1,00,000 |
| 5 | Rakhee Mahesh Vaze | Non-Promoter | Individual | 1,00,000 |
| 6 | AparnaJain | Non-Promoter | Individual | 1,00,000 |
| 7 | Nikhil Batra | Non-Promoter | Individual | 2,00,000 |
| 8 | Minerva VenturesFund | Non-Promoter | FPI | 15,00,000 |
| 9 | ForbesEMF | Non-Promoter | FPI | 15,00,000 |
| 10 | Coeus GlobalOpportunitiesFund | Non-Promoter | FPI | 20,00,000 |
| Total | 90,00,000 |
5. Issue corrigendum/Addendum to the Notice of Postal Ballot
In view of all above decisions, certain changes are also to be made in postal ballot notice/special resolution seeking member’s approval for the preferential issue.
The Board approved the draft of corrigendum/addendum to the Notice of Postal Ballot containing the above relevant corrections/amendments, pursuant to the board decisions taken today and/or to rectify all other errors, if any, and authorised the issuance thereof to all the shareholders whose name is appearing in Register of Members as on cut-off date.
The meeting commenced at 03:00 P.M. (IST) and concluded at 5.00 P.M. (IST).
FOR SERVOTECH POWER SYSTEMS LIMITED
Digitally signed RUPIND by RUPINDER KAUR ER KAUR Date: 2023.11.28 17:14:50 +05'30'
RUPINDER KAUR COMPANY SECRETARY ICSI MEMBERSHIP NO: A38697
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Servotech Power Systems Limited
CIN : L31200DL2004PLC129379 REGISTERED OFFICE: 806, 8[th] Floor, Crown Heights, Hotel Crown Plaza, Sector-10, Rohini, New Delhi -110085 PLANT AND R&D :76A,Sector-57, Kundli Industrial Area, Sonepat, Haryana-131028 Tel No : 011-41183117,• Sales: +91 9717691800,• Email : [email protected] , •Website: www.servotech.in