Nikita D. Kothari entered into an agreement to acquire 31.44% stake in Servoteach Industries Limited from Radhey Shyam Lahoti, Ram Awatar Lahoti, Lahoti Export Private Limited and Quality Products Marketing Private Limited for INR 3.7 million.

Nikita D. Kothari entered into a share purchase agreement to acquire 31.44% stake in Servotech Power Systems Limited (NSEI:SERVOTECH) from Radhey Shyam Lahoti, Ram Awatar Lahoti, Lahoti Export Private Limited and Quality Products Marketing Private Limited for INR 3.7 million on June 5, 2023. Under the agreement, Nikita D. Kothari will acquire 12,35,462 equity shares in Servotech Power Systems Limited at a price of INR 3 per share to be paid in cash. Nikita D. Kothari made an offer to acquire 26% stake in Servoteach Industries Limited from public shareholders for INR 3.1 million on June 5, 2023.

Radhey Shyam Lahoti will sell 13.16% stake, Ram Awatar Lahoti will sell 1.53% stake, Lahoti Export Private Limited will sell 9.31% stake and Quality Products Marketing Private Limited will sell 7.45% stake in Servotech Power Systems Limited. Completion of the share purchase agreement is subject to satisfaction of the conditions precedent set out in the SPA and receipt of statutory approvals required, if any. As of date, no statutory approvals are required for implementation of the transaction.

As of August 21, 2023, Servotech Power constituted the Committee of Independent Directors of Servotech Power Systems by the Board of Directors to provide resonated recommendations on the captioned Open Offer.