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Mumbai, Dec. 21

MERCATOR Lines Ltd said its board has approved issue of bonus shares in the ratio of three shares for every two held.

The company has also announced plans to raise up to $75 million via an issue of securities in the local or overseas market.

The funds could be raised in the form of American Depositary Receipts, Global Depositary Receipts, bonds or ordinary shares, Mercator said in a notice to the Bombay Stock Exchange.

The board also approved the issue of eight million warrants, equivalent to the same number of shares, on a preferential basis to AHM Investments Pvt Ltd, controlled by Mercator's founders. The board agreed to raise the limit on foreign shareholding to 70 per cent.

(This article was published in the Business Line print edition dated December 22, 2005)
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