Enclosed herewith Monitoring Agency Report for the quarter ended on March 31,2025
MERCURYEV · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Mercury Ev-Tech has filed the Crisil Ratings Monitoring Agency Report on the use of funds raised through its October–November 2024 Preferential Issue of equity shares and convertible warrants. The issue was originally planned at Rs 480.31 crore but was undersubscribed and revised down to Rs 447.94 crore. Of this, Rs 143.05 crore has been utilized so far (Rs 37.57 crore spent during Q4 FY25), while Rs 304.89 crore remains unutilized. Utilization is complete for promoter loan conversion (Rs 25.50 crore) and loan repayment (Rs 10 crore), but significantly behind for working capital (Rs 67.40 crore of Rs 262.63 crore), capital expenditure (Rs 10.07 crore of Rs 55 crore), and general corporate purposes (Rs 30.08 crore of Rs 94.81 crore, with no spend this quarter). No deviations from the stated objects have been reported. Unutilized funds of Rs 50.08 crore are parked in AU Small Finance Bank FDs and current accounts, while Rs 254.81 crore is pending receipt from warrant holders upon conversion.
The report is largely procedural and confirms no misuse or deviation of funds, which is positive for governance. However, the slow deployment — only ~32% of proceeds spent in about 5 months — and Rs 254.81 crore still tied up in unconverted warrants signal that the company has limited near-term operational runway from this raise and depends on warrant holders converting to fund planned capex and working capital needs.