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Finance | June 2014

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.    

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