Mercury Ev-Tech Ltd — Updates, 15-05-2025: Company Update

Mercury EV-Tech Limited has reported the utilization of proceeds from its Rs 447.94 crore preferential issue of equity shares and convertible warrants. Out of the total proceeds, Rs 37.57 crore was used during the quarter for working capital, capital expenditure, repayment of loans, and promoter loan conversion, while Rs 143.05 crore remained unutilized. A significant portion of the proceeds, Rs 254.81 crore, is pending from warrant holders upon conversion. The unutilized funds are parked in fixed deposits and current accounts, earning moderate returns. There were no deviations or delays in the use of funds, and disclosures were in line with the original objectives.