Mercator Ltd has committed delay and default in repayment of debt obligation in relation to credit exposure sanctioned by Export and Import Bank of India (EXIM) to whom vessel M.T. Hansa Prem (Built 2001) was exclusive / solely mortgaged, has invoked its right as mortgagee under section 51 of the Merchant Shipping Act 1958.
Pursuant to the above, EXIM sold the said Vessel through an e-auction process for a consideration of USD 3.60 Mn plus applicable taxes and the proceeds of the same will be used for reduction of debt and other liabilities of the Company. The deal has been concluded on 23rd March 2020.
Shares of MERCATOR LTD. was last trading in BSE at Rs.0.46 as compared to the previous close of Rs. 0.48. The total number of shares traded during the day was 119363 in over 23 trades.
The stock hit an intraday high of Rs. 0.48 and intraday low of 0.46. The net turnover during the day was Rs. 54907.