Mercator Ltd has entered into a Memorandum of Agreement with M/s. Best Oasis Limited, Hong Kong to sell its vessel M. V. Vrinda for a total consideration of USD 4.25 Million. The transaction is expected to be completed by April 6, 2018, subject to necessary approvals.
The Proceeds of the sale would be used to repay debts of the Company.
The buyer does not belong to promoter / promoters group / group companies.
The aforesaid transaction does not fall within the definition of related party transactions and not a material related party transaction.
Shares of MERCATOR LTD. was last trading in BSE at Rs.33.85 as compared to the previous close of Rs. 33. The total number of shares traded during the day was 1940645 in over 756 trades.
The stock hit an intraday high of Rs. 34.8 and intraday low of 33.6. The net turnover during the day was Rs. 66140786.