Mercator Lines approves allotment of 13,525,794 shares

Mercator Lines Ltd has announced that the Committee of Board of Directors (CoD) of the Company at its meeting held on November 05, 2007, inter alia, has approved allotment of 13,525,794 equity shares of Re 1/- each in lieu of surrender of Foreign Currency Convertible Bonds (FCCB's) aggregating USD 18,500,000/- from bond holders at a conversion price of Rs 59/812. Consequently, the paid up capital of the Company has increased to 22,28,83,022 equity shares of Re 1/- each. With this conversion, now there are 2493 FCCB's outstanding of aggregate amount of USD 24,930,000/-.

Source : Equity Bulls

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