Aion Direct has bought additional 5.67% stake in Mercator through FCCB Conversion. With this, Aion Direct holds 9.08% stake in the company. Back in May, Mercator reported that its transaction for issuing Foreign Currency Convertible Bonds (FCCB), unsecured, aggregating $16 million basis had been fully subscribed and the bonds stand to be alloted.
Mercator is the second-largest private sector shipping company on a consolidated basis in India, in terms of tonnage capacity. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.