Enclosed herewith Monitoring Agency Report issued by CRISIL for the Quarter Ended June 30 ,2025.
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Mercury Ev-Tech has submitted the CRISIL Monitoring Agency Report for Q1 FY26 tracking the use of proceeds from its preferential issue of equity shares and convertible warrants (Oct–Nov 2024). The original issue size of Rs 480.31 crore was revised to Rs 447.94 crore due to undersubscription at allotment, with the Rs 32.37 crore shortfall deducted from the working capital allocation. Of the revised amount, the company has utilized Rs 163.35 crore so far (Rs 20.30 crore in the latest quarter), with Rs 25.50 crore used to convert promoter-group unsecured loans and Rs 10 crore to repay secured/unsecured loans (both fully deployed). The unutilized Rs 284.59 crore includes Rs 29.78 crore parked in fixed deposits and bank accounts earning 6.75%–8.25%, and Rs 254.81 crore still to come from warrant holders upon conversion within 18 months of allotment. CRISIL reported no deviations from stated objects, no material delays, and no change in means of finance.
Shareholders get a clean bill of compliance on the preferential issue — no diversions, and proceeds are going to stated uses like working capital, capex, and promoter loan conversion. However, a large Rs 254.81 crore is contingent on warrant holders paying up within 18 months, and capex deployment is slow (only Rs 14.55 crore of Rs 55 crore used), which investors should watch for execution risk.