Mercator Lines to raise funds

Mercator Lines Ltd has announced that the Board of Directors of the Company at its meeting held on January 28, 2008, inter alia, has approved following unanimously i) further issue of capital by way of FCCBs / GDR / ADR / QIB in international / Indian market not exceeding USD 300 millions; ii) increase in authorized share capital by Rs 15 Crores and consequential amendments to capital clauses of Memorandum and Articles of Association; iii) increase in borrowing power of the Board of Directors of the Company upto Rs 10000 Crores; iv) increase in the limit of investment by FIIs upto 74% of the paid-up capital of the Company; and v) Investments into Mercator Oil & Gas Ltd and Mercator Petroleum Pvt Ltd. as Company's wholly owned subsidiaries.

Source : Equity Bulls

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