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Awaiting price reaction for this filing.
Midwest Gold Limited has filed the Monitoring Agency Report from Infomerics Valuation and Rating Limited for the quarter ended March 31, 2025, covering the use of Rs. 118.47 crore raised through a Preferential Issue. The funds were raised in two parts: Rs. 39.57 crore via share swap for acquiring 97.40% of Midwest Energy Private Limited (MEPL, a clean/renewable energy and Battery Management Systems company), and Rs. 78.90 crore via cash allotment of 31.56 lakh shares at Rs. 250 each. Of the Rs. 118.47 crore raised, Rs. 87.71 crore (74%) has been utilized and Rs. 30.76 crore remains parked in term deposits and a current account. Utilization covers debt repayment (Rs. 16.10 cr), loans to subsidiary MEPL for expansion and working capital (Rs. 15 cr), and general corporate purposes including a Rs. 17 cr loan to MEPL. Deviation from stated objects: Nil. No delay in implementation reported.
Shareholders get reassurance that raised funds are being used as disclosed, with the MEPL acquisition fully completed and the remaining deployment within the 12-month window. The shift of unutilized funds (about Rs. 30.76 cr) into term deposits suggests idle capital awaiting deployment, while significant portions have been routed as loans to the new subsidiary — relevant for investors tracking Midwest Gold's pivot toward the clean energy business.