14,75,000 Shares Allotted to Promoter Group: Multibagger EV-Stock Under Rs 100 Jumps 39 Per Cent From 52-Week Low
The stock gave multibagger returns of 500 per cent in just 2 years, 10,250 per cent in 3 years and a whopping 25,000 per cent in 5 years.
Raghuvir International Private Limited has acquired equity shares in Mercury EV-Tech Limited under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquisition involved a preferential allotment of 14,75,000 equity shares, increasing their holding to 4,17,05,820 shares, representing 21.95 per cent of the total share capital and 17.73 per cent of the diluted share capital. Additionally, the company acquired 53,00,000 warrants, which, upon conversion, would increase their holding to 24.74 per cent of the share capital and 19.98 per cent of the diluted share capital. The equity shares allotted rank pari passu with the existing shares, ensuring equal rights and obligations for shareholders.
Earlier, Mercury EV-Tech Limited acquired a 69.84 per cent stake in DC2 Mercury Cars Private Limited, a car design firm, for Rs 25 crore. This acquisition aims to leverage the expertise of renowned car designer Dilip Chhabria and enhance Mercury EV-Tech's product acceptability. The company has also established a new subsidiary, GLOBAL MERCURY CONTAINER PRIVATE LIMITED, and acquired a 70% stake in Haitek Automotive Private Limited to expand its business operations. Furthermore, Mercury EV-Tech has received approval from GEDA to market and distribute electric rickshaws in Gujarat.
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On Tuesday, shares of Mercury EV-Tech Ltd plunged 2 per cent to Rs 89.48 per share from its previous closing of Rs 91.33 per share. The stock’s 52-week high is Rs 139.20 per share and its 52-week low is Rs 64.32 per share. The stock is up by 39 per cent from its 52-week low of Rs 64.32 per share.
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 1,500 crore and reported positive numbers in Quarterly Results (Q2FY25) and half-yearly results (H1FY25).
As of November 2024, FIIs bought 30,00,000 shares and increased their stake to 1.72 per cent in the company compared to September 2024. The stock gave multibagger returns of 500 per cent in just 2 years, 10,250 per cent in 3 years and a whopping 25,000 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.