MERCURYEV · price
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Awaiting price reaction for this filing.
Mercury Ev-Tech Ltd has announced that all 4,53,00,000 (45.3 million) Fully Convertible Warrants allotted on 7 November 2024 on a preferential basis have lapsed, as warrant holders failed to exercise the conversion option by the 18-month deadline of 7 May 2026. The warrants were held by 19 allottees — 2 promoter entities and 17 non-promoter entities including institutional funds like Eminence Global Fund PCC and North Star Opportunities Fund VCC. In total, the company received and forfeited an upfront subscription amount of ₹84.94 crore (25% of the issue price), meaning the company retains this capital without issuing any equity shares.
Existing shareholders benefit as no new shares were issued, avoiding dilution. However, the failure to convert signals that warrant holders chose not to follow through, raising questions about the company's valuation expectations or growth trajectory, with ₹254.81 crore in potential further capital left uncalled.