Mercator Lines issues 25670000 Warrants on Preferential Basis

Mercator Lines Ltd has now announced with reference to the Issue of Warrants on Preferential Basis, that the Company has received applications in respect of 2,56,70,000 warrants and accordingly, the Committee of Board of Directors of the Company in its meeting held on November 09, 2010, has approved in first trench, allotment of 2,56,70,000 warrants to the Promoters / Person Acting in Concert with them / Non-Promoter Directors / entities controlled by them, on preferential basis, each warrant having face value of Rs. 13.75 per warrant i.e. 25% of Rs. 55 being price at which shares will be allotted on exercise of option attached to the said warrants in accordance with SEBI Regulations for preferential issue.

The stock closed the day at Rs.72.15, up by Rs.0.45 or 0.63%. The stock hit an intraday high of Rs.73.65 and low of Rs.71.45.

The total traded quantity was 7.95 lakhs compared to 2 week average of 10.56 lakhs.

Source : Equity Bulls

Keywords