Mercator Ltd approves QIP

Subsequent to the approval accorded by the Board of Directors of Mercator Ltd, at its meeting held on May 27, 2016 and the approval of the shareholders of the Company by way of a special resolution dated July 30, 2016 for the QIP, the QIP Committee of the Company on January 11, 2017 has, authorized the opening of the QIP on January 11, 2017.

The Committee approved the preliminary placement document dated January 11, 2017 in connection with the QIP, (the "Preliminary Placement Document'1) and allso approved the floor price for the QIP.

Further, the 'Relevant Date' for this purpose, in terms of Regulation 81(c) (i) of the SEBI ICDR Regulations, is January 11,2017 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 42.80 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations, and further to the shareholder resolution dated July 30, 2016, the Company may offer a discount of not more than 5% on the floor price so calculated for the QIP.

Shares of MERCATOR LTD. was last trading in BSE at Rs.45.2 as compared to the previous close of Rs. 44.95. The total number of shares traded during the day was 392474 in over 1677 trades.

The stock hit an intraday high of Rs. 45.75 and intraday low of 44.6. The net turnover during the day was Rs. 17716455.

Source : Equity Bulls

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