Mercator has increased its stake in its wholly owned Indian subsidiary, Mercator Petroleum (MPL). The company’s shareholding in MPL now stands at 51% while 49% is held by MEPL.
This is pursuant to MPL issuing and allotting further 1,49,00,000 equity shares of Rs 10 each for cash at par on preferential basis to the company and its overseas subsidiary - Mercator Energy (MEPL), Singapore.
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.
