Servotech Renewable Power System Limited — Capital/Financing Update 2024

May 18, 2024

May 18, 2024

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To,

National Stock Exchange of India Limited Exchange Plaza, NSE Building Bandra- Kurla Complex, Bandra (E), Mumbai-400051

Trading Symbol: SERVOTECH

Sub: Outcome of the Meeting of the Board of Directors of SERVOTECH POWER SYSTEMS LIMITED (the “Company”)

“Conversion of 15, 00,000 warrants into equal number of equity shares of the Company”

Dear Sir/Madam,

In furtherance to our communication dated January 06,2024 w.r.t. to conversion of warrants, in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Sub-Committee of the Board of Directors of Company at its duly convened meeting held today i.e. Saturday, May 18, 2024 at the registered office of the Company, inter‐alia, considered and allotment of equity shares on conversion of further 15,00,000 warrants into 15,00,000 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. 9,38,25,000/- at the rate of Rs. 62.55 per warrant (being 75% of the issue price per warrant) for cash from the following allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018.

Name of the Allotees	Category	No. of warrants held (prior to conversion)	No. of warrants applied for conversion	No of equity shares allotted	Amount received being 75% of the issue Price per warrant (In Rs.)	No. of warrants pending for conversion
Eminence Global fund PCC- EUBILIA Capital Partners Fund	Non- promoter	15,00,000	15,00,000	15,00,000	9,38,25,000	Nil
Tota		l 15,00,000	15,00,000	15,00,000	9,38,25,000

Pursuant to members approval, these warrants were allotted, in terms of SEBI (ICDR) Regulations, 2018 to “Promoter” and “Non-Promoters/Public Category”, on preferential basis, at an Issue Price of Rs. 83.40/- per warrant on payment of Rs.20.85 per warrant, being 25% of the Issue Price, entitling the warrants holders to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 62.55 Within 18 months from the date of warrant allotment.

These equity shares allotted on conversion of the warrants shall rank pari-passu, in all respects with the existing equity shares of the Company, including dividend, if any.

Pursuant to the above allotment the issued, subscribed and paid up capital of the company has been increased from Rs. 22,14,04,291/- to Rs. 22,29,04,290/-.

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It may be please noted that 29,00,000 total warrants are outstanding for conversion and these warrant holders are entitled to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 62.55/- per warrant within 18 months from the date of warrant allotment.

The detailed disclosure as required under Regulation 30 of the SEBI Listing Regulations read with SEBI Master circular SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023 is provided in ‘Annexure‐I’

The Meeting commenced at 11.00 A.M. and concluded at 11.30 A.M.

We request you to kindly bring the above information to the notice of your members.

Thanking You,

FOR SERVOTECH POWER SYSTEMS LIMITED

Rupinde Digitally signed by Rupinder Kaur r Kaur Date: 2024.05.18 11:36:12 +05'30' RUPINDER KAUR COMPANY SECRETARY ICSI MEMBERSHIP NO.: A38697

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ANNEXURE‐I

The details relating to issuance / allotment of warrants as required under Regulation 30 of the SEBI Listing Regulations read with SEBI Master circular SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023 are as under:

SL NO.	PARTICULARS	Allotment of Equity shares upon conversion
1.	Type of securities proposed to be issued	Equity Shares pursuant to conversion of warrants
2.	Type of issuance	Preferential allotment
3.	Total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately)	Allotment of 15,00,000 equity shares having face value of Rs.1/- each, at an issue price of Rs. 83.40/- per equity share (including premium of Rs.82.40/-per equity share), upon receipt of an amount aggregating to Rs. 9,38,25,000/- at the rate of Rs. 62.55/- per warrant (being 75% of the issue price per warrant)
4.	Name of the Investor	Eminence Global fund PCC- EUBILIA Capital Partners Fund
5.	Post-allotment of securities: Outcome of subscription	Enclosed asAnnexure‐II
7.	Issue Price	Issue price of Rs. 83.40/- per equity share (including premium of Rs.82.40/-per equity share)
8.	In case of convertibles — intimation on conversion of securities or on lapse of the tenure of the instrument;	Exercise of 15,00,000 warrants into 15,00,000 fully paid-up Equity Shares of Re.1/-each
9.	Any cancellation or termination of proposal for issuance of securities including reasons thereof	Not Applicable

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Annexure‐II

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Allotment of Equity shares upon conversion of Warrants

Post‐Allotment of securities: Outcome of subscription

Name of the Investor	Pre‐Preferential Equity holding	Pre‐Preferential Equity holding	Post‐issue Equity holding after exercising of warrants	Post‐issue Equity holding after exercising of warrants	Category
	No. of Equity shares held	% held	No. of Equity shares held	% held
Eminence Global fund PCC- EUBILIA Capital Partners Fund	-	-	15,00,000	0.67	Non-promoter

FOR SERVOTECH POWER SYSTEMS LIMITED

Rupinde Digitally signed by Rupinder Kaur r Kaur Date: 2024.05.18 11:36:33 +05'30' RUPINDER KAUR COMPANY SECRETARY ICSI MEMBERSHIP NO.: A38697

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