Mercator Lines allots shares, warrants

Mercator Lines Ltd has announced that the Committee of Board of Directors (CoD) of the Company at its meeting held on October 25, 2007, inter alia, has approved allotment of following securities:

i. 12,114,728 equity shares of Re 1/- each in lieu of surrender of Foreign Currency Convertible Bonds (FCCB's) aggregating USD 16,570,000/- from bond holders at a conversion price of Rs 59/812. Consequently, the paid up capital of the Company has increased to 20,93,57,226 equity shares of Re 1/- each. With this conversion, now there are 4343 FCCB's outstanding of aggregate amount of USD 43,430,000/-.

ii. 2,85,00,000 warrants of face value of Rs 5/85 per warrant to the promoter Mrs. Archana Harish Kumar Mittal carrying option to apply for equivalent number of equity shares at a price of Rs 58/50 per share at a future date not exceeding 18 months pursuant to the special resolution passed by the shareholders of the Company in their Extra-ordinary General Meeting held on October 11, 2007 in accordance with SEBI Guidelines on preferential issue.

Source : Equity Bulls

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