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.

Mercury ev-tech Limited has announced a board meeting scheduled for February 12, 2026, to approve its unaudited financial results for the third quarter of fiscal year 2026. The meeting will focus on considering and approving the standalone financial performance for both the quarter and nine months ended December 31, 2025.

Board Meeting Details

The company has formally notified BSE Limited about the upcoming board meeting in compliance with regulatory requirements. The meeting agenda specifically includes the consideration and approval of standalone unaudited financial results covering the reporting period ending December 31, 2025.

Trading Window Closure

Mercury EV-Tech Limited has implemented a trading window closure as part of its regulatory compliance measures. The trading window for dealing in the company's securities has been closed since January 1, 2026, following an earlier intimation dated December 26, 2025.

The closure will remain in effect until 48 hours after the declaration of the unaudited financial results for the quarter and nine months ended December 31, 2025. This measure ensures compliance with insider trading regulations during the period leading up to and immediately following the financial results announcement.

Regulatory Compliance

The board meeting notification has been made in accordance with Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to inform stock exchanges about board meetings where financial results will be considered.

The company has addressed its communication to BSE Limited's Corporate Relationship Department, referencing its scrip code 531357 and scrip name MERCURYEV. The formal intimation was signed by Krishna Naik, Company Secretary, and digitally authenticated on February 3, 2026.