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 Limited submitted its Q4 FY2026 Monitoring Agency Report (by Crisil Ratings) for a Preferential Issue of equity shares and convertible warrants completed in October-November 2024. The issue raised Rs 447.94 crore (vs. original target of Rs 480.31 crore due to undersubscription). Of the total proceeds, Rs 192.31 crore (43%) has been utilized so far, with no new deployment during Q4. The company utilized Rs 25.50 crore for promoter loan conversion, Rs 95.14 crore for working capital, Rs 10 crore for loan repayment, Rs 24.14 crore for capex, and Rs 37.53 crore for general corporate purposes. The remaining Rs 254.81 crore is yet to be received from warrant holders who have 18 months to convert. The MA flagged that warrants were issued at Rs 75 per share but the current market price is only Rs 31.70, indicating a risk of non-exercise of conversion rights.
Shareholders face risk that warrant holders may not convert their warrants to equity shares due to the exercise price being more than double the current market price, which could result in the company receiving only partial proceeds and shareholders not getting expected dilution.