Multibagger from its 52-week low; Board announced stock split!
The stock gave multibagger returns of 678 per cent from its 52-week low of Rs 11.40 per share.
Servotech Power Systems Ltd announced that The Board of Directors of the company held a meeting on Thursday, May 25, 2023 at 03:00 p.m. to inter-alia approve the following:
1. The sub-division (split) of equity shares of the company having a face value of Rs 2 each (fully paid-up) into 2 equity shares of face value of Rs 1 each (fully paid-up). The brief description is enclosed as Annexure-I.
2. Alteration of Capital Clause in the Memorandum of Association of the Company. The details of aforesaid are enclosed as Annexure-II.
3. Nominate the appointment of Mr Meenakshisundaram Kolandaivel (DIN: 09854605) as the Non-Executive Independent Director of the Company subject to the approval of Shareholders of the Company. The brief description is enclosed as Annexure-III.
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On Thursday, one of the Top Gainers on NSE, shares of Servotech Power Systems jumped 5 per cent upper circuit to Rs 88.86 per share from its previous closing of Rs 84.45 per share. The stock gave multibagger returns of 678 per cent from its 52-week low of Rs 11.40 per share.
Servotech Power Systems is a small-cap company with a market valuation of Rs 945.59 crore. The company reported positive numbers in its Quarterly Results and annual results. This is the second split, within a year. Earlier in February 2023, the company had split the face value from Rs 10 to Rs 2.
Servotech Power Systems also manufactures and distributes EV charging solutions, solar products and medical devices.
The stock is up by 200 per cent in 6 months, up by 563 per cent in 1 year and over 2,200 per cent in less than 3 years. Investors should keep an eye on this small-cap stock.