Mercator gains on divestment from step-down subsidiary

The company has completed formalities for entire stake sale Mercator Lines (Singapore) Ltd, Singapore

Shares of Mercator were up nearly 3% at Rs 29 on the Bombay Stock Exchange after the company completed the necessary formalities on the matter of divestment of entire stake of Mercator Lines (Singapore) Ltd, Singapore.

The ML (Singapore) Ltd was held through wholly owned subsidiary Mercator International Pte. Ltd., Singapore, the company said in a release.

Following the approval received from Singapore Stock Exchange on March 30, 2016, Mercator has informed the BSE that all formalities for sale of entire shares has been concluded on April 27, 2016.

The stock opened at Rs 27.90 and touched a high of Rs 29.25. At 11:55am, over 1.68 million shares were traded on both the stock exchanges.