Mercator avails Rs 300 cr for expansion plans
Our Mumbai News Bureau
Mercator Energy Pte. Ltd (MEPL), an arm of Mercator Limited, has entered into an agreement to avail a funds worth Rs 326 crore. This will help the MEPL to expand in the oil and gas space. A step-down overseas subsidiary of the Mercator, MEPL has engaged in carrying on the business of oil & gas and allied services. The said funds will be compulsorily converted into equity shares of MEPL in the event of listing of its shares at a pre-determined discount to the listing price. In the event of non-listing of its shares, the facility will be repaid at a pre-determined yield to maturity at the end of six years from the first drawdown.