Mercator Lines allots 365562 equity shares on conversion of FCCBs

Mercator Lines Ltd has announced that the Committee of Board of Directors of the Company at its meeting held on April 29, 2008, inter alia, has approved allotment of 3,65,562 equity shares of Re 1/- each in lieu of surrender of Foreign Currency Convertible Bonds (FCCB's) aggregating USD 500,000/- from bond holders; at a conversion price of Rs 59/812. Consequently, the paid up capital of the Company has increased to 23,52,60,949 equity shares of Re 1/- each. With this conversion, now there are 800 FCCB's outstanding of aggregate amount of USD 8,000,000/-.

Source : Equity Bulls

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