Mercator’s arm enters into agreement to avail facility of $55 million

05 Jun 2014

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.

Related Mercator Ltd. Links:

Mercator Share Price

1.03 -0.01 (-0.96%) Feb 26, 18:55
1 Year Price Chart
Peers
Company Name CMP
Shipping Corpn. 99.95
GE Shipping 312.05
Dredging Corp 411.70
Shreyas Shipping 81.05
Essar Shipping 9.10
View more..
Sensex vs Mercator
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback