Mercury EV-Tech Ltd acquires 20% stake in Powermets Energy Pvt Ltd

Mercury EV-Tech Limited has acquired 20% stake of Powermets Energy Private Limited and consequently the target company become whole owned subsidiary (WoS) of the Company.

The Company has acquired 20% stake of Mr. Darshankumar Shah who is common director in both Companies, however the promoter and promoter group are not interested in the entity being acquired.

The holding Company i.e. M/s Mercury Ev-Tech Limited is engaged in the manufacturing of E-vehicles and already holds 80% stake in the Target Company. The Target Company is engaged in the manufacturing and trading of Lithium batteries which are the essential component of E-Vehicles hence the Company has acquired balance 20% stake of the Target Company and consequently the target company become whole owned subsidiary (WoS).

The acquisition cost is Rs.10,60,000/- (Rupees Ten Lakhs Sixty Thousand only) which is Rs.530/- per share i.e. the book value of the target company.

Shares of Mercury EV-Tech Limited was last trading in BSE at Rs. 118.32 as compared to the previous close of Rs. 112.69. The total number of shares traded during the day was 678747 in over 3026 trades.

The stock hit an intraday high of Rs. 118.32 and intraday low of 117.77. The net turnover during the day was Rs. 80256734.00.

Source : Equity Bulls

Keywords

MercuryEVTech INE763M01028 Acquisition PowermetsEnergy