MERCATOR LTD. - Sale Of Vessel

Pursuant to the approval of Shareholders vide Postal Ballot dated November 11, 2019 and as a part of the strategic plan, the Company has sold its Floating Storage and Offloading Unit (FSO) Ship - Prem Pride, built 1999, for a total consideration of Rs. 49.54 Crore and the proceeds of which is used to reduce the debt of the company. The deal was concluded on January 16, 2019.<BR> <BR> The buyer does not belong to Promoter/ Promoter Group Companies.<BR> <BR> The aforesaid transaction does not fall within the definition of related party transactions.<BR>