Mercator Lines - Allotment Of Equity Shares On Conversion Of Fccbs

Mercator Lines Ltd has informed that the Committee of Board of Directors of the Company at its meeting held on December 21, 2007, inter alia, has approved allotment of 58,48,992 equity shares of Re 1/- each in lieu of surrender of Foreign Currency Convertible Bonds (FCCBs) aggregating USD 8,000,000/- from bond holders at a conversion price of Rs 59/812. Consequently, the paid up capital of the Company has increased to 23,01,94,260 equity shares of Re 1/- each. With this conversion, now there are 1493 FCCBs outstanding of aggregate amount of USD 14,930,000/-.