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 for the quarter ended September 30, 2025, tracking how it has used funds raised via a Preferential Issue of equity shares and convertible warrants (allotted Oct–Nov 2024). The issue size was revised down to Rs 447.94 crore from Rs 480.31 crore due to undersubscription. Of this, Rs 192.31 crore (about 43%) has been utilized so far — including the full Rs 25.50 crore for promoter-group loan conversion, full Rs 10 crore for loan repayment, Rs 101.90 crore for working capital, Rs 17.38 crore for capex, and Rs 37.53 crore for general corporate purposes. Only Rs 28.96 crore was deployed during the latest quarter, with Rs 160.73 crore of working capital funds and Rs 57.28 crore of general corporate purpose funds still unutilized. A large Rs 254.81 crore is still pending receipt from warrant holders who must convert within 18 months of allotment.
A key risk highlighted by the report is that warrants have a conversion price of Rs 75 per share while the stock trades at Rs 42.03 — making non-conversion a real possibility, which could leave the company short of Rs 254.81 crore it was counting on. Slow utilization also raises questions about the pace of the company's growth plans, while the overhang of unconverted warrants remains a concern for existing shareholders.