Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
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Midwest Gold Ltd informed BSE that its subsidiary, Midwest Energy Private Limited, has entered into a Share Subscription Agreement to buy 8 equity shares of Pravaig Dynamics Private Limited at Rs. 10 face value plus a premium of Rs. 3,10,230 per share, totaling Rs. 24,81,920 in cash. Pravaig Dynamics is a deep-tech mobility company working on electric vehicles, advanced batteries, and AI for autonomous vehicles, with a turnover of Rs. 5.42 crore in FY24 (up from Rs. 1.83 crore in FY23). The acquisition is not a related-party transaction and represents just 0.07% of Pravaig's post-issue paid-up share capital, to be completed within 60 days.
This is a minor strategic investment by Midwest Gold's subsidiary in the EV/AI mobility space, likely aimed at building a business relationship rather than gaining meaningful control. The small stake size (0.07%) limits direct financial impact for shareholders, though it signals the group's intent to enter the electric vehicle ecosystem.