Mercator Lines to allot warrants
Mercator Lines to allot warrants An extra-ordinary general meeting (EGM) of members of Mercator Lines will be held on Oct. 11, 2007 and will decide allottment of maximum of 28,500,000 warrants to Archana Harishkumar Mittal. The company disclosed a phenomenal jump in net profit for the quarter ended June 2007. During the quarter, profit of the company rose 2.30 times to Rs 421.33 million from Rs 183.32 million in the same quarter last year. Net sales for the quarter declined 20.54% to Rs 1,401.51 million compared with the corresponding quarter a year ago. Shares of the co mpany closed up Rs 0.90, or 1.32%, at Rs 69.25. The total volume of shares traded at the BSE was 1,042,614. (Tuesday).
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Each warrant will be carrying one option and will be entitled to subscribe one equity share of Re 1 each upon coversion. The option should be exercised within a period not exceeding 18 months from the date of issue of such warrants.
