Mercator has approved a private placement of shares that priced at a level that will bring net proceeds of INR 1.02bn ($15m).
The Indian shipping and commodities conglomerate said the bidding closed today for the 25 million equity shares offered to qualified institutional investors.
A committee set up for the placement approved an issue price of INR 40.75 after a 4.79% discount, according to twin filings with India's National Stock Exchange and the Singapore Exchange.
Mercator,
