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Mercator surges as arm enters into agreement to avail facility of $55 million

05 Jun 2014 Evaluate

Mercator is currently trading at Rs. 37.60, up by 1.30 points or 3.58% from its previous closing of Rs. 36.30 on the BSE.

The scrip opened at Rs. 37.30 and has touched a high and low of Rs. 37.80 and Rs. 37.00 respectively. So far 1,06,000 were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 40.00 on 23-May-2014 and a 52 week low of Rs. 9.10 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 37.85 and Rs. 34.00 respectively. The current market cap of the company is Rs. 920.00 crore.

The promoters holding in the company stood at 40.22% while Institutions and Non-Institutions held 16.14% and 43.64% respectively.

Mercator’s step-down overseas subsidiary - Mercator Energy (MEPL), engaged in carrying on the business of oil & gas and allied services of the company, has entered into an agreement on June 04, 2014, to avail a facility of $55 million.

The said facility will be compulsorily converted into equity shares of MEPL in the event of listing of its shares at a pre-determined discount to the listing price. In the event of non-listing of its shares, the facility will be repaid at a pre-determined yield to maturity at the end of 6 years from the first drawdown. This transaction will help MEPL to expand in the oil and gas space.

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.

Mercator Share Price

0.84 0.00 (0.00%)
10-Mar-2023 18:02 View Price Chart
Peers
Company Name CMP
Shipping Corpn. 305.85
GE Shipping 1425.30
Dredging Corp 976.65
Seamec 1556.00
Shreeji Ship.Global 377.10
View more..

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