Mercator Lines to raise Rs 40 crore

The board of directors of Mercator Lines, which met yesterday, has approved a proposal to issue 40 lakh redeemable cumulative preference shares of Rs 100 each totalling Rs 40 crore.

According to a release issued to the BSE today, the board also approved a proposal for exercise of option attached to 2,70,000 warrants allotted on preferential basis for subscribing to 27 lakh equity shares of Re 1/- each.