Ship sales may buoy Mercator shares

| Updated on January 17, 2020 Published on January 18, 2020

Shares of Mercator may see buying interest at the bourses following sale of its floating storage and offloading unit (FSO) ship, Prem Pride, built in 1999, for a total consideration of ₹49.54 crore.

The proceeds of the sale will be used to reduce the company’s debt, it said in a notice to the stock exchanges. The deal was concluded on January 16. The buyer does not belong to the promoter/promoter group companies and does not fall within the definition of related-party transactions.

Published on January 18, 2020
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