Mercury EV Tech Limited (BSE Scrip Code: 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.