Mercator rises as its arm receives nod for divestment of entire stake in MLS

01 Apr 2016

Mercator is currently trading at Rs. 22.60, up by 0.55 points or 2.49% from its previous closing of Rs 22.05 on the BSE.

The scrip opened at Rs. 22.05 and has touched a high and low of Rs. 22.70 and Rs. 21.70 respectively. So far 152016 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 1 has touched a 52 week high of Rs. 31.45 on 24-Dec-2015 and a 52 week low of Rs. 14.55 on 03-Jun-2015.

Last one week high and low of the scrip stood at Rs. 22.90 and Rs. 19.50 respectively. The current market cap of the company is Rs. 538.76 crore.

The promoters holding in the company stood at 40.22% while Institutions and Non-Institutions held 15.22% and 44.57% respectively.

Mercator’s wholly owned subsidiary - Mercator International (MIPL) has received approval from the Singapore Exchange (SGX) for divestment of entire stake in Mercator Lines (Singapore) (MLS).

Earlier, Mercator had received an approval for divestment of entire stake in MLS, a step down subsidiary held through MIPL and to seek shareholders’ approval through Postal Ballot for the same. The board of directors at its meeting held on February 11, 2016 had approved for the same.

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.

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