Wardwizard Innovations & Mobility Limited , a prominent player in the electric vehicle (EV) sector, has unveiled plans for a rights issue to support the execution of its first dispatch under a significant USD 1.29 billion electric vehicle agreement with the Philippines. This strategic move comes as the company gears up to fulfill a substantial order of 4,500 units, encompassing electric two-wheelers, three-wheelers, and four-wheelers, valued at approximately USD 30.60 million.

Order Details and Delivery Timeline

The company has received specific delivery timelines for the order, with completions scheduled by June 2026. This development marks a crucial step in Wardwizard's international expansion and underscores the growing demand for electric vehicles in the Southeast Asian market.

Prototype Testing and Pre-Order Process

As part of its meticulous pre-order process, Wardwizard Innovations had previously dispatched prototype vehicles for testing. This proactive approach demonstrates the company's commitment to quality and customer satisfaction, ensuring that their electric vehicles meet the specific requirements of the Philippine market.

Management's Perspective

Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, emphasized the significance of the rights issue, stating that it represents a pivotal step toward executing the initial dispatch order and lays the foundation for future growth. The company's leadership views this as a strategic move to capitalize on the burgeoning electric vehicle market in the Philippines.

Funding Strategy

While the rights issue is a key component of Wardwizard's funding strategy, the company is not limiting itself to this option alone. Management is actively evaluating additional equity and debt funding avenues to secure the necessary capital for order fulfillment. This multi-pronged approach to financing reflects the company's proactive stance in ensuring it has the resources to meet its commitments and fuel its expansion plans.

Wardwizard's Market Presence

Operating under the well-known Joy e-bike and Joy e-rik brands, Wardwizard Innovations & Mobility Limited has established a strong presence in the Indian market. The company's products are available in over 400 cities across India, showcasing its extensive distribution network and market penetration.

Conclusion

The announcement of the rights issue and the progress on the Philippine order represent significant milestones for Wardwizard Innovations & Mobility Limited. As the company prepares to fulfill this substantial international order, it is positioning itself as a key player in the global electric vehicle market. The successful execution of this order could potentially open doors for further international expansion and solidify Wardwizard's position in the competitive EV industry.

Wardwizard Innovations & Mobility promoter Yatin Sanjay Gupte has submitted revised disclosures to correct inconsistencies in previously reported encumbered shares figures. The revision covers two separate pledge transactions as well as a new pledge transaction:

Pledge Details

• 49.00 lakh shares pledged to JJ Fincap Private Limited
• 50.00 lakh shares pledged to Yoginkumar Ashokbhai Patel
• 30.00 lakh shares pledged to M/S. Comfort Fincap Limited

All pledges were created to secure loan against securities facilities or financial assistance.

Shareholding Structure

After these transactions, Gupte's shareholding structure stands as follows:

The company's total share capital remains unchanged at 260,693,900 equity shares of Re. 1 each.

Significance

These revised disclosures provide a more accurate picture of Gupte's shareholding in Wardwizard Innovations & Mobility, a prominent player in the electric vehicle industry. The revisions highlight the importance of accurate and timely reporting of share pledges and encumbrances, as required by SEBI regulations.