Mercury EV-Tech Limited has successfully concluded its postal ballot process for the appointment of a new statutory auditor, with shareholders demonstrating strong support for the proposed resolution. The company announced the results on February 13, 2026, following the completion of the e-voting process.

Postal Ballot Resolution Details

The postal ballot was conducted to seek shareholder approval for appointing M/S Tejas K. Soni, Chartered Accountants as the statutory auditor of the company. This appointment was proposed as an ordinary resolution under the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Voting Results and Shareholder Participation

The postal ballot process witnessed significant shareholder approval for the auditor appointment. The voting was conducted exclusively through the e-voting platform provided by National Securities Depository Limited (NSDL).

Shareholder Base and Process Details

The company had a total of 70,439 shareholders on the record date of January 09, 2026. The e-voting process was managed through NSDL's platform with Electronic Voting Event Number 138116. All eligible shareholders with registered email addresses were provided access to cast their votes electronically.

Regulatory Compliance and Oversight

The postal ballot process was conducted in strict compliance with Section 108 and 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations. Ms. Janki Vaibhavkumar Shah, Proprietor of M/S SJV & Associates, Practicing Company Secretaries, was appointed as the scrutinizer on January 07, 2026, to ensure fair and transparent conduct of the voting process.

The resolution is deemed to have been passed effectively on February 12, 2026, being the last date specified for remote e-voting. The company has fulfilled all regulatory requirements for the appointment process and submitted the scrutinizer's report to the stock exchange as mandated under the listing regulations.

Mercury EV-Tech Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, in compliance with SEBI regulations regarding the utilization of proceeds from its preferential issue of equity shares and convertible warrants. The report was prepared by Crisil Ratings Limited, the appointed monitoring agency.

Issue Details and Structure

The preferential issue was conducted between October 23, 2024, and November 07, 2024, with a total issue size of Rs 447.94 crore. The issue comprised equity shares and convertible warrants, with warrants priced at Rs 75.00 per share according to the notice dated September 19, 2024.

Fund Utilization Progress

The monitoring report reveals no utilization of issue proceeds during the quarter ended December 31, 2025. The cumulative utilization across various objects shows significant progress in some areas while others remain completely unutilized.

Warrant Conversion Status

A significant portion of the issue proceeds remains unreceived due to the warrant structure. Out of the total issue size of Rs 447.94 crore, the company has received Rs 167.63 crore as of December 31, 2025. The remaining Rs 254.81 crore is yet to be received from warrant holders, who have 18 months from the allotment date to exercise their conversion rights.

Market Price Considerations

The monitoring agency highlighted a potential risk regarding warrant conversion. The warrants were issued at Rs 75.00 per share, while the market price as of February 10, 2026, stood at Rs 38.59 per share. This significant discount indicates an inherent risk of non-exercise of conversion rights if the share price remains below the conversion price.

Deployment of Unutilized Funds

The small portion of unutilized proceeds currently held by the company has been deployed conservatively:

Compliance and Monitoring

The report confirms compliance with all regulatory requirements, with no deviations from the objects stated in the offer document. The monitoring agency found no unfavorable events affecting the viability of the stated objects during the reporting period. All certifications were provided by the company's statutory auditors, M/s Tejas K. Soni & Company, Chartered Accountants.