Multibagger EV-stock under Rs 100 to keep under radar as Board announces Rs 480.31 crore fundraise and allocates 1,57,41,000 equity shares & 4,83,00,000 warrants!
The stock gave multibagger returns of 130 per cent in just 1 year, 15,000 per cent in 3 years and a whopping 26,825 per cent in 5 years.
On Friday, shares of Mercury EV-Tech Ltd hit a 5 per cent upper circuit to Rs 96.97 per share from its previous closing of Rs 92.36. The stock’s 52-week high is Rs 143.8 and its 52-week low is Rs 43.45. At the closing bell, shares of the company were trading at Rs 96.92 per share, up 4.94 per cent with a spurt in Volume by more than 8.17 times on BSE.
The Board of Directors of the Company approved the issuance of up to 1,57,41,000 equity shares and up to 4,83,00,000 convertible warrants to proposed allottees, subject to necessary approvals. The equity shares will be issued at Rs 75 per share to 44 investors, aggregating to Rs 118,05,75,000, and the convertible warrants will be issued for Rs 75 per warrant to 20 investors, aggregating to Rs 362,25,00,000. Both the equity shares and convertible warrants will be issued by way of preferential allotment under the provisions of the Companies Act, 2013, the Rules made thereunder, and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended.
Upon the issuance of Equity Shares, an amount equivalent to 100 per cent of the total issue size shall be called upfront from the proposed allottees and for the Convertible Warrants, an amount equivalent to 25 per cent of the total issue size shall be called upfront from the proposed allottees.
The equity shares will have a face value of Re 1 each and will be issued at a premium of Rs 74 per share. The convertible warrants will be convertible into, or exchangeable for, 1 fully paid-up equity share of the company having a face value of Re 1 each at a premium of Rs 74 per share. the convertible warrants will have a tenure of 18 months. Both the equity shares and convertible warrants will be issued subject to the necessary approval of the members of the company and other regulatory authorities, as applicable.
Earlier, The company announced that the Gujarat Energy Development Agency (GEDA) has granted us approval to market and distribute lithium-ion battery-powered e-rickshaws in Gujarat for the 2024-25 fiscal year. This endorsement is a major achievement for our company, confirming our innovative approach and high standards in the electric vehicle industry. Furthermore, its L5 and L3 category e-rickshaws have been officially approved for a subsidy of Rs 48,000 per vehicle when sold within Gujarat. This accomplishment underscores our leadership in promoting sustainable practices and strengthens our dedication to driving progress in the electric vehicle sector. It reaffirms our commitment to advancing technology and contributing to a greener future, positioning us as a leading force in the Gujarat electric vehicle market.
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About the Company
Mercury EV-Tech Ltd, formerly known as Mercury Metals Limited, is involved in the manufacturing of electric scooters, electric cars, electric buses, electric vintage cars, electric golf cars, and electric vehicles in India. The company has a market cap of over Rs 1,700 crore and reported positive numbers in Quarterly Results (Q1FY25) and annual results (FY24).
As of June 2024, the promoters of the company hold a 62.10 per cent stake, while the remaining 39.90 per cent is owned by the public. The stock gave multibagger returns of 130 per cent in just 1 year, 15,000 per cent in 3 years and a whopping 26,825 per cent in 5 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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