Mercantile Ventures Ltd holds 9% cumulative redeemable preference shares in India Radiators Limited of which 1,04,20,000 shares which were allotted on 6 September 2017 are now entitled to voting rights due to non-receipt of dividend.
By virtue of acquiring voting right, the Company is in position to exercise significant control (i.e. 92.05%) over the affairs of India Radiators Limited.
India Radiators Ltd is into manufacturing of automotive radiators and thermostats.
The Company had stepped in as investor to enable India Radiators Limited to repay various creditors. The Company had made investment taking into consideration the long term benefits that will accrue.
Shares of Mercantile Ventures Ltd was last trading in BSE at Rs.6.96 as compared to the previous close of Rs. 6.63. The total number of shares traded during the day was 2095 in over 4 trades.
The stock hit an intraday high of Rs. 6.96 and intraday low of 6.96. The net turnover during the day was Rs. 14581.