Mercator Lines to issue 27780000 warrants

Mercator Lines Ltd has announced that the Board of Directors of the Company at its meeting held on September 30, 2010, has approved the issue of upto 2,77,80,000 warrants carrying a right to subscribe to equal number of equity shares of Re. 1/- each of the Company on preferential basis, to the Promoters / entity(ies) controlled by or related to them; and Non- Promoter Directors and entity(ies) controlled by or related to them, under the provisions of Chapter VII of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009.

The Board approved setting up of Mercator ESOP Scheme 2010 authorizing grant of Equity Stock Options / issue of equity shares to the option holders, up to a number not exceeding 5% of the equity share capital of the company; to eligible present and future employees and Directors of the Company and its subsidiary companies, as well as to other eligible entity(ies) (if any).

The Board also approved convening of Extra Ordinary General Meeting of the Company to seek shareholders' approval for the above matters.

The stock was trading at Rs.56.30, down by Rs.0.30 or 0.53%. The stock hit an intraday high of Rs.58.10 and low of Rs.55.85.

The total traded quantity was 8.19 lakhs compared to 2 week average of 8.18 lakhs.

Source : Equity Bulls

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