Multibagger stock: Servotech Power Systems shares are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, this multibagger energy stock has risen to the tune of 350 per cent. However, some fund houses still see more steam in this multibagger stock. As per the latest exchange filing by the small-cap stock, share allotment committee of the company has approved allotment of 15 lakh company shares to AG Dynamics Funds Limited after receiving bid from the Mauritius-based FII.
As per the information available on Indian stock market exchanges, AG Dynamics had applied for issuance of warrants of the company. After receiving application from the AG Dynamics Funds Limited, the share allotment committee of the company allotted 115 lakh company shares at ₹82 apiece. This means, the Mauritius-based fund house has invested ₹12.30 crore in this multibagger stock. After approval from the company board, these 15 lakh shares of the company would be 0.67 per cent of total paid up capital of the company.
The Mauritius-based FII had applied for the company shares after opejning of the preferential issue of the multibagger stock. The small-cap company had declared ₹73.80 crore fund raise via issuance of preferential issues. The preferential issue was priced at ₹82 per share.
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Apart from AG Dynamics, Forbes EMF and Minerva Ventures Fund have also been approved 15 lakh company shares at ₹82.
Servotech Power Systems news
The multibagger stock was in news recently for creation of its wholly owned subsidiary, Servotech EV Infra Pvt Ltd. Servotech Power Systems will manufacture and supply
EV chargers to Servotech EV Infra and they will do business as a CPO for these EV chargers. This development will clearly define the different roles of the two businesses and safeguard their individual interests.
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The EV charging market is expected to grow rapidly in the coming years as the government is targeting 30% of all vehicles to be electric by 2030 and Servotech EV Infra is well positioned to capitalize on this growth, with its strong track record and expertise in the EV charging technology. With a dedicated mission to contribute significantly to India’s e-mobility goals, Servotech EV Infra Pvt. Ltd. aims to establish 5000 CPO sites across the nation in the preceding years, nationwide which will result in the creation of a robust EV charging infrastructure, ultimately leading to the development of sustainable transportation.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Updated: 13 Nov 2023, 12:57 PM IST