Mercator Lines allots 1096686 equity shares on conversion of FCCBs

Mercator Lines Ltd has announced that the Committee of Board of Directors of the Company in its meeting held on March 31, 2008, inter alia, has approved allotment of 10,96,686 equity shares of Re 1/- each in lieu of surrender of Foreign Currency Convertible Bonds (FCCB's) aggregating USD 1,500,000/- from bond holders; at a conversion price of Rs 59/812. Consequently, the paid up capital of the Company has increased to 23,48,95,387 equity shares of Re 1/- each. With this conversion, now there are 850 FCCB's outstanding of aggregate amount of USD 8,500,000/-.

Source : Equity Bulls

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