Mercator gets shareholder nod for $15 mln FCCB

Shipping company Mercator Ltd said it has got shareholder approval to raise $15 mln in foreign currency loans.

The company said the approval was given through postal ballot. The debt would be raised in the form of foreign currency convertible bonds or FCCBs. The FCCBs will have a an initial conversion price calculated at 58.5740 rupees per dollar, Mercator said.

The FCCBs will be priced at a 21.47% premium over the volume weighted average price of Rs. 31.53 of the relevant date of issue, May 22, 2014.