Midwest Gold Ltd — Updates, 29-05-2025: Company Update

Midwest Gold Limited has announced a preferential issue aggregating Rs. 118.47 Cr comprising 46.22 lakh equity shares allotted via share swap to acquire 97.4% stake in Midwest Energy Private Limited (MEPL) and 31.56 lakh equity shares allotted for Rs. 85.02 Cr for cash. Proceeds have been utilized as planned: acquisition completed through shares swap, Rs. 16.10 Cr used for debt repayment, Rs. 10 Cr and Rs. 5 Cr provided as loans to MEPL for expansion and working capital, and Rs. 17.04 Cr deployed for general corporate purposes including loans to MEPL. Rs. 30.76 Cr remains unutilized, held mostly in fixed deposits earning ~6.75% p.a. There are no deviations or delays in utilizing the issue proceeds. This strategic investment in MEPL enhances Midwest Gold’s presence in the clean energy tech space, supporting future growth.