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Stock Report
Rights Issue to Support Execution of First lot of Dispatch under USD 1.29 Billion Electric Vehicle Agreement from the Philippines
Posted On : 2025-09-25 10:09:12( TIMEZONE : IST )
Wardwizard Innovations & Mobility Ltd. one of the leading electric vehicle manufacturers has announced a Rights Issue. The proceeds will be strategically utilized to execute the first lot of dispatch under its USD 1.29 billion Electric Vehicle agreement with the Philippines.
As part of its pre-order process, the company dispatched prototype vehicles for testing last year and has subsequently received delivery timelines for an order of 4,500 units, including electric two-wheelers, three-wheelers, and four-wheelers. Valued at approximately USD 30.6 million, the deliveries are scheduled to be completed by June 2026.
Mr. Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, expressed, "The Rights Issue represents a pivotal step toward executing the initial dispatch order from the Philippines and sets the foundation for future growth. Alongside this, The Company is proactively evaluating additional equity and debt funding options to secure substantial and sustainable funds for the fulfillment of this order, ensuring a strong capital base that supports long-term growth and operational resilience. This strategic infusion will position us to meet delivery commitments, and capture emerging opportunities while consistently upholding the highest standards of quality and timeliness."
The proceeds from the Rights Issue will be dedicated to adhering to the delivery timelines specified in the Purchase Order, enabling the Company to maintain its quality standards while ensuring ontime execution of the order.
Shares of Wardwizard Innovations & Mobility Ltd was last trading in BSE at Rs. 12.95 as compared to the previous close of Rs. 13.17. The total number of shares traded during the day was 371332 in over 1859 trades.
The stock hit an intraday high of Rs. 13.45 and intraday low of 12.85. The net turnover during the day was Rs. 4848990.00.
