Mercury EV-Tech Limited has informed stock exchanges of the lapse of 4,53,00,000 fully convertible warrants and the consequent forfeiture of ₹84,93,75,000 in upfront subscription amounts. The disclosure, made on May 08, 2026 under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, follows the expiry of the 18-month conversion window available to warrant holders.

Background and Regulatory Context

The warrants in question were allotted on a preferential basis on November 07, 2024. As per the terms of issue, warrant holders were entitled to exercise the option to convert the warrants into equity shares within 18 months from the date of allotment—that is, on or before May 07, 2026. None of the 19 allottees exercised this option within the stipulated period.

In terms of Regulation 169(3) of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the warrants have accordingly lapsed, and the upfront subscription amount of ₹84,93,75,000 (being 25% of the issue price) received at the time of allotment stands forfeited by the company.

Complete List of Lapsed Warrants by Allottee

All 4,53,00,000 warrants across 19 allottees—spanning both promoter and non-promoter categories—have lapsed in their entirety. The following table provides the complete allottee-wise breakdown:

Key Details at a Glance

The intimation was filed by Krishna Naik, Company Secretary and Compliance Officer of Mercury EV-Tech Limited, on May 08, 2026, in accordance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mercury Ev-Tech Limited has submitted its quarterly compliance certificate to BSE Limited, confirming adherence to regulatory requirements for securities dematerialization during the quarter ended March 31, 2026. The submission, made on April 15, 2026, demonstrates the company's commitment to maintaining transparency and regulatory compliance in its securities operations.

Regulatory Compliance Certificate

The certificate was filed pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates companies to provide quarterly confirmations regarding the processing of securities dematerialization and rematerialization activities.

Registrar Confirmation

Accurate Securities & Registry Private Limited, serving as the company's Registrar and Share Transfer Agent (RTA), provided the necessary confirmation certificate. The RTA confirmed that all securities received from depository participants for dematerialization during the specified period were processed within the stipulated time limits as required under SEBI regulations.

Key aspects of the RTA's confirmation include:

• All dematerialization requests were processed within regulatory time limits
• Securities were either accepted or rejected on technical grounds as appropriate
• Physical certificates were properly mutilated and cancelled after verification
• Depository names were substituted in the security holder's list as registered owners
• All securities are listed on stock exchanges where the company's shares are traded

Administrative Details

The certificate was signed by Krishna Tejashkumar Naik, Company Secretary (ACS - 45523), on behalf of Mercury Ev-Tech Limited. The digital signature was applied on April 15, 2026, at 14:06:15 IST, ensuring the authenticity and integrity of the submission.

Accurate Securities & Registry Private Limited, registered with SEBI under registration number INR000004173, operates from its registered office in Makarba, Ahmedabad. The RTA's confirmation reinforces the company's adherence to operational procedures and regulatory compliance standards.

Regulatory Framework

The submission references multiple regulatory circulars, including SEBI Letter MRD/DOP2/OW/2019/2498/1 dated January 24, 2019, and corresponding NSDL and CDSL circulars from January 25, 2019. These references establish the regulatory framework governing dematerialization processes and reporting requirements for listed companies.