Multibagger EV-Stock Under Rs 120 in Green as Board Allocates 1,44,25,666 Equity Shares to 40 Investors & 4,53,00,000 Convertible Warrants to 19 Investors
The stock gave multibagger returns of 1,550 per cent in just 2 years, 13,000 per cent in 3 years and a whopping 31,000 per cent in 5 years.
On Friday, at 10:00 am, shares of Mercury EV-Tech Ltd gained 0.56 per cent to Rs 107.70 per share from its previous closing of Rs 107.10. The stock’s 52-week high is Rs 143.8 and its 52-week low is Rs 54.
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 Rs 1,890 crore and reported positive numbers in Quarterly Results (Q1FY25) and annual results (FY24).
The company has undertaken two preferential allotments: Allotment 1 involved the issuance of 1,44,25,666 equity shares to 40 investors at a price of Rs. 75 per share. Allotment 2 involved the issuance of up to 4,53,00,000 convertible warrants to 19 investors at a price of Rs. 75 per warrant, convertible into equity shares within 18 months. Both allotments were made pursuant to the Companies Act, 2013, the ICDR Regulations, and other applicable laws.
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Earlier, Mercury EV-Tech Limited has made significant strides in expanding its market presence. The company has acquired a 70 per cent stake in Haitek Automotive Private Limited for Rs 3.5 million, aiming to strengthen its position in the West Bengal 3W market. This strategic move will leverage Haitek's existing infrastructure and customer base, contributing to increased market share and profitability. Additionally, Mercury has received approval from the Gujarat Energy Development Agency (GEDA) to market and distribute lithium-ion battery-powered e-rickshaws in Gujarat for the 2024-25 fiscal year.
As of September 2024, FIIs took a fresh entry and bought 2,73,232 shares or 0.16 per cent stake in the company. The stock gave multibagger returns of 1,550 per cent in just 2 years, 13,000 per cent in 3 years and a whopping 31,000 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.