Mercator Lines approves allotment of 89 lakh shares

Mercator Lines Ltd has announced that the committee of the Board of Directors of the Company in its meeting held on January 13, 2011, approved allotment of 89,00,000 equity shares of Re. 1/- each for cash at a price of Rs. 55/- to promoters in lieu of conversion of warrants allotted to them in accordance with special resolution passed by the shareholders of the Company in their Extra Ordinary General Meeting held on October 28, 2010 and Chapter VII of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009, for preferential issue.

With this, the issued, subscribed and paid up Equity Share Capital of the Company stands increased to 24,48,92,073 Equity Shares of Re. 1/- each aggregating Rs. 24,48,92,073/-.

The stock was trading at Rs.50.05, up by Rs.0.70 or 1.42%. The stock hit an intraday high of Rs.51.05 and low of Rs.49.10.

The total traded quantity was 9.73 lakhs compared to 2 week average of 6.49 lakhs.

Source : Equity Bulls

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