Corporate Development     

Published: November 15, 2024
Updated: November 15, 2024

Mercury EV Tech Ltd

Board approves preferential equity share and warrant allotment

Mercury EV Tech Ltd. (BSE: 531357), a leading player in EV Industry engaged in the business of manufacturing wide range of electric vehicles has announced that its board, Pursuant to receipt of approval of the shareholders of the Company, have approved the allotment of 1,44,25,666 Equity shares on a preferential basis, and the the allotment of 4,53,00,000 Convertible Warrants. Recently, the board approved the acquisition/purchase of 70% stake in Haitek Automotive Private Limited, and it will now be considered as Subsidiary Company of Mercury EV-Tech Limited.

Mercury’s acquisition of a 70% stake in Haitek is a strategic move to strengthen its position in the 3W (three-wheeler) market in West Bengal. This region is known for its growing demand and potential for scale, which could enhance production efficiency and reduce costs. By acquiring a majority stake, Mercury can leverage Haitek’s existing operations, distribution networks, and customer base. This could lead to increased market share and improved profitability. Additionally, synergies from this acquisition might allow for shared resources, technology transfer, and innovation in product development. The company is in the line of Manufacturing of electric 3W.

Recently, the company has been included in the BSE SmallCap Index. This milestone reflects the company’s continued commitment to growth and innovation within the industry. As part of the BSE SmallCap Index, Mercury EV Tech Ltd. will further enhancing its growth trajectory. This recognition underscores the company’s dedication to advancing electric vehicle technology and delivering value to its stakeholders.

Mercury EV Tech Ltd. (BSE Scrip Code: 531357) is a leading EV company with presence in the entire EV Eco system. It has a state of the art 18-acre EV technology park and manufacturing facility. The company has a wide range of products under the brand “Mercury”. The company’s latest inclusion to its brand is it’s 4-wheeler loader ‘Musak’ having 1 tonne carrying capacity. The company’s mission is to continue towards a responsible and green transportation journey with innova advanced “Make-in-India Electric Mobility Solutions”. It aspires to provide all-inclusive service and charging stations across the nation to push the market towards a clean energy alternative. With its highly-advanced research and develop ment center, the company aims to launch newer, innovative, affordable and energy-efficient electric vehicles and its components. The electric vehicle segment is all set to grow at a fast pace with the help of incentives and subsidies being offered by the government for both manufacturers and customers.

Mercury EV-Tech Limited has set up its manufacturing facility at Strategic location at National Highway No.8 spread across 18 Acre of land. The State of Art facility is equipped with the best 23 tank CED Plant with Lab, Paint Booth, BIW Shop, Assembly Line, In house Vehicle Testing Facility which is best in the industry.

Mercury EV-Tech Limited is having more than 10 product approval including L5 category 6+1 seating capacity and Loader of 3W, High Speed 2W with Non Breakable Body, Various rage of L3 category 3W, Various Lithium-ion battery, Garbage Vans etc. The Company is expected to receive 4W loader having 1 tonne capacity approval by November 2024.

The Company has setup its state of art facility of Research and Development Centre at Vadodara where they are doing R&D on Electric Bus, Electric Car, Various Types of Lithium-ion Batteries. This facility was started in 2022 since than all the vehicles are developed here.