Servotech Power Systems Dilutes 6% Equity For Rs 200cr; To Built EV Charging Stations At A Cost of Rs 25 Lakh

Servotech Power Systems Limited, an infrastructure development company in the electric vehicle business, has informed the stock market that the company has diluted its 6% stake at a pre-money valuation of Rs 200 crore. This investment is going to play a big role in the business growth and expansion plans of the company.

Along with this, Servotech EV Infra has informed about the joining of Prem Prakash as CEO and Neeraj Gupta as AVP Operations. Servotech EV Infra is in the process of establishing proof of concept at 10 strategic locations in North India.

Servotech EV Infra Limited is a subsidiary of Servotech Power Systems which is developing vehicle charging infrastructure across the country. The company has announced to launch of proof of concept at 10 strategic locations in North India in the next 100 days. Each EV charging station will cost the company Rs 15 to 25 lakh, this amount depends on how many EV chargers are being installed at that charging station.

Raman Bhatia, Founder and Managing Director, Servotech Power Systems Ltd. commented "The strategic equity dilution marks a pivotal moment for Servotech EV Infra, providing essential resources to fuel our ambitious growth plans. This investment not only signifies the confidence investors have in our vision but also underscores the crucial role it plays in accelerating the development of India's EV charging infrastructure. This equity infusion is a testament to our commitment to innovation and sustainability, and we are excited about the impactful journey that lies ahead."

"As we welcome the seasoned leaders Prem Prakash and Neeraj Gupta to steer Servotech EV Infra, we are confident that their extensive experience and visionary leadership align seamlessly with our company's mission and goals. We believe that under their guidance, Servotech EV Infra will continue to thrive and innovate in the rapidly evolving landscape of electric vehicle charging infrastructure. We look forward to a successful and impactful journey ahead with Prem and Neeraj at the helm", added Raman Bhatia.

Recently, the company has declared a strategic plan to boost the country's supply of key EV charger components. Servotech has established a technological partnership with a preeminent international company to accomplish this aim. A state-of-the-art manufacturing facility being built by Servotech will be dedicated to producing PLCs, Control Circuits, and Power Modules-the three key components that make up an EV charger

Servotech Power Systems is an NSE-listed company that uses more than 20 years of experience and knowledge in the electronics industry to offer tech-enabled solar and EV charging solutions. On Tuesday, Servotech Power Systems closed at Rs 86.40 on the NSE. The stock has returned 3,304.76% in five years, 4,345% in three years, and 313.89% in one year, resulting in multibagger returns. YTD, the stock has gone up by 10.71%.