EV-Charger Manufacturer & Solar Solution Provider Stock Hits All-Time High as Board Allocates 58,50,000 warrants to promoter - Sarika Bhatia
From Rs 2.41 to Rs 187 per share, the stock delivered multibagger returns of over 7,600 per cent in 3 years.
Today, shares of Servotech Power Systems Ltd gained 2.25 per cent and made a new 52-week high of Rs 187 per share from its previous closing of Rs 182.89 per share. The stock also made an all-time high of Rs 187 per share. The company has a market cap of Rs 4,000 crore. From Rs 2.41 to Rs 187 per share, the stock delivered multibagger returns of over 7,600 per cent in 3 years.
Servotech Power Systems Limited hereby announces that the Board of Directors, at its meeting held on September 23, 2024, has approved the alteration of the Capital Clause in the Memorandum of Association and the issuance of warrants convertible into equity shares on a preferential basis. The proposed amendments include increasing the authorized share capital to Rs 50 crore and issuing 58,50,000 warrants to Ms Sarika Bhatia, a member of the Promoters Group for Rs 167.40 per warrant. The issuance of warrants is subject to the approval of the members through a postal ballot.
Sarika Bhatia currently holds a 13.50 per cent stake in SERVOTECH POWER SYSTEMS LIMITED. If all the warrants she is allocated are fully converted into equity shares, her ownership will increase to 15.52 per cent. This represents a growth of approximately 2.02 per cent in her equity holding.
Additionally, the company has recently secured a significant contract to build 11 DC Fast EV charging stations in Karnataka. The project involves installing public EV charging stations at 11 Regional Transport Office (RTO) premises, significantly enhancing the charging infrastructure for electric vehicles in the state. Servotech will oversee the entire project execution, from planning and design to final installation. The company will manufacture, test, and inspect high-quality charging stations to meet stringent safety standards. Additionally, Servotech will provide warranty support and handle all necessary electrical connections and power supply arrangements, ensuring a seamless and reliable charging experience for EV owners in Karnataka
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About the Company
Servotech Power Systems, a trusted brand with a nationwide presence on the NSE, has over 20 years of experience in electronics. They leverage this expertise to design and manufacture cutting-edge AC and DC charging solutions for electric vehicles. Their chargers cater to both commercial and domestic applications, ensuring compatibility with a wide range of EVs. With its comprehensive engineering capabilities, Servotech is positioned to be a key player in building India's EV charging infrastructure. Backed by a history of innovation and advanced technology development, Servotech is committed to shaping the future of e-mobility in India.
In Q1FY25, FIIs bought 70,06,711 shares and increased their stake to 5.53 per cent compared to 2.45 per cent in Q4FY24. The stock gave multibagger returns of 169 per cent from its 52-week low of Rs 69.50 per share. Investors should keep an eye on this multibagger EV-charging and solar energy stock.
The PM E-Drive Scheme is a government initiative to promote electric mobility in India. With a substantial allocation of Rs 3,679 crore, the scheme offers subsidies for various electric vehicles, including e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging EVs. To encourage the adoption of electric buses, the scheme provides Rs 4,391 crore for deploying 14,028 e-buses. Additionally, Rs 500 crore is allocated for incentivizing e-trucks and e-ambulances. To enhance EV charging infrastructure, the scheme supports the installation of 88,500 charging sites across the country, including fast chargers for e-4Ws, e-buses, and e-2Ws/3Ws. The outlay for EV charging stations is set at Rs 2,000 crore.
Disclaimer: The article is for informational purposes only and not investment advice.