Starlit shareholders approve allotment of shares to Guangdong

NEW DELHI: Delhi-based Starlit Power Systems Ltd today said its shareholders have approved allotment of 19.36 lakh shares for Rs 5.12 crore to a Chinese firm Guangdong Dynavolt Power Technology Ltd.

"The shareholders of the company has approved the preferential issue and allotment of 19,36,000 of face value of Rs 10 at a price of Rs 26.47 to Guangdong Dynavolt Power Technology Ltd," Stralit Power said in BSE filing.

The decision was taken at an extra ordinary general meeting held today, it said.

Starlit had entered into a joint venture and technology licence agreement with Guangdong on May 30.

Guangdong, incorporated in China, is a global player in the manufacture of VRLA (Vent Regulated Lead Acid) Batteries for UPS, Secondary Power and Motorcycle applications. It is also developing the technical wherewithal in the Lithium Ion Technology based Batteries.