Servotech Renewable Power System Limited Warrants Lapse, Forfeit Upfront Amount of Rs 24 Crore
Servotech Renewable Power System Limited has announced that all convertible warrants issued under a preferential basis have lapsed after not being exercised within the stipulated timeframe. Consequently, the company has forfeited the upfront amount associated with these warrants.The company had originally allotted 58,50,000 convertible warrants at an issue price of Rs 167.40 per warrant. These warrants were issued to enable their conversion into equity shares of face value Rs 1 each, following a preferential allotment conducted on December 10, 2024. The warrant holders were given a period of 18 months from the date of allotment to exercise this option, with the deadline set for June 9, 2026.
As no options were exercised by the allottees within the specified duration, the warrants have lapsed effective from June 10, 2026. The forfeiture pertains to the upfront amount received at the time of warrant allotment, which totals Rs 24,48,22,500, representing 25% of the issue price for these convertible warrants.
The details regarding the lapse and the forfeited amount are as follows:
| Particulars | Details |
|---|---|
| Type of securities | Fully Convertible Warrants |
| Type of issuance | Preferential allotment |
| Total number of warrants originally allotted | 58,50,000 |
| Issue price per warrant | Rs 167.40 |
| Date of allotment | December 10, 2024 |
| Tenure | 18 Months from the date of allotment (June 9, 2026) |
| Number of warrants exercised | Nil |
| Number of warrants lapsed | 58,50,000 |
| Amount forfeited | Rs 24,48,22,500 |
Sarika Bhatia, listed as a Promoter and the sole allottee in this transaction, held the total allotment of 58,50,000 warrants. The company confirmed that there is no change in its paid-up equity share capital resulting from the lapse of these warrants.
SERVOTECH Stock Price Movement
Servotech Renewable Power System Limited shed 3.78% in trade today, settling at ₹99.82 after closing the market session. The stock ranged significantly during the day, reaching a high of ₹103.99 and dipping as low as ₹99.13.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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