Mercator surges on SGX nod for sale of Singapore arm

SGX has approved sale of entire stake in Mercator Lines (Singapore) Ltd.

Shares of Mercator surged over 9% to Rs 22 on the Bombay Stock EXchange after the company said it has received approval for divesting entire stake in its Singapore-based step down subsidiary.

The company in a release to the exchange said that Mercator International Pte. Ltd has received approval from the Singapore Exchange (SGX) for divestment of the entire stake in Mercator Lines (Singapore) Ltd.

The stock opened at Rs 20.85 and touched a high of Rs 22.90. At 1pm, over 2.7 million shares were traded on both the stock exchanges.