Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Midwest Gold Limited has filed the Monitoring Agency Report (by Infomerics Valuation and Rating) for the quarter ended March 31, 2025, covering utilization of Rs. 118.47 crore raised through a preferential issue of equity shares. Of this, Rs. 39.57 crore was issued via share swap (46.21 lakh shares at Rs. 85.61) to acquire 97.40% of Midwest Energy Private Limited (MEPL), a clean/renewable energy and battery management technology company, while Rs. 78.90 crore was raised in cash (31.56 lakh shares at Rs. 250 each). The Monitoring Agency reported no deviation from stated objects. As of March 31, 2025, Rs. 87.71 crore had been utilized (Rs. 39.57 cr for acquisition, Rs. 16.10 cr for debt repayment, Rs. 10 cr for expansion, Rs. 5 cr for working capital, Rs. 17.04 cr for general corporate purposes), with Rs. 30.76 crore still unutilized and parked in term deposits and a current account. The acquisition of MEPL is complete; other objects are ongoing with no delays reported. The report was reviewed by the Audit Committee and taken on record by the Board on May 29, 2025.
This is a routine compliance filing confirming the company is using the preferential issue proceeds as disclosed, with no red flags from the monitoring agency. The completed acquisition of MEPL signals Midwest Gold's strategic pivot from granite/marble trading into the clean energy and battery technology space, which could reshape the company's future business profile.