Date:10/12/2005 URL: http://www.thehindubusinessline.com/2005/12/10/stories/2005121001890800.htm

Back Mercator okays shares allotment to promoters

Our Bureau

Mumbai , Dec. 9

MERCATOR Lines Ltd announced that its Committee of the Board of Directors has approved allotment of 30 lakh equity shares of Re 1 each for cash at a price of Rs 56 per share (including a premium of Rs 55 per share) to the promoters.

This was in lieu of conversion of warrants allotted to them in accordance with the special resolution passed by the shareholders in their EGM held on November 10, 2004.

With this, the issued, subscribed and paid-up equity share capital of the company stands increased to 7,56,97,000 equity shares of Re 1 each, aggregating Rs 7,56,97,000.

When contacted, a senior official of the company said it would leverage this increase in equity share capital to raise additional financial resources from the market to fund its expansion plans.