Mercator’s step-down subsidiary, Mercator Lines (Singapore) has issued and allotted 45,140,124 new ordinary shares in its capital pursuant to the terms of early termination agreement. The total capital of MLS stands increased to 1,361,435,003 ordinary shares. Consequently, the holding of the company's WOS, Mercator International (MIPL) into MLS has reduced from 68.44% to 66.17%.
This is in reference to the earlier announcement dated March 20, 2013 regarding the company's Singapore based step-down subsidiary, Mercator Lines (Singapore)(MLS) entering into early termination and settlement agreement with the owner of one vessel and interalia issue of new ordinary shares in the capital of MLS towards compensation shares.
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.