Mercator Ltd opens FCCB issue

Pursuant to the approval received from the shareholders of Mercator Ltd through Postal Ballot on February 04, 2014, and the decision of the Committee at its meeting held on May 22, 2014, it was decided to open the FCCB Issue for subscription.

The Company expects to raise US $16,000,000 from this offering at an initial conversion price of Rs. 38.30 per share (with a fixed rate of exchange on conversion of Rs. 58.5740 = 1 USD) representing 21.47% premium over the volume weighted average price of Rs. 31.53 of the relevant date i.e. May 22, 2014, arrived at in compliance with Press Release of Finance Ministry dated November 21, 2008 and confirmed by the CA certificate presented to the Committee.

Shares of MERCATOR LTD. was last trading in BSE at Rs.34.2 as compared to the previous close of Rs. 36.6. The total number of shares traded during the day was 479472 in over 3440 trades.

The stock hit an intraday high of Rs. 37.75 and intraday low of 34. The net turnover during the day was Rs. 17133591.

Source : Equity Bulls

Keywords