PNN
Ahmedabad (Gujarat) [India], November 19: The Rs 48.95 crore Rights Issue of Ahmedabad-based Mercury Trade Links Limited (BSE: 512415), which is engaged in the business of trading agro products, opened on November 7 and will close on December 5.
The proceeds of the Rights Issue will be utilised to fund Mercury Trade Links’ working capital requirements and general corporate purposes, among others. The company is issuing shares at Rs. 44.95 apiece. On Wednesday, November 13, the shares closed at Rs. 66.69. This is the company’s second Rights Issue, having issued shares at Rs. 40 per share to existing shareholders in March 2024 to raise Rs. 9.90 crore.
Mercury Trade Links is issuing 1,08,90,000 fully paid-up equity shares of Rs. 10 face value each for cash for Rs. 44.95 per equity share (including a premium of Rs. 34.95 per equity share) aggregating to Rs. 48.95 crore. The company has fixed the Rights entitlement ratio at 4:1, i.e. four rights equity shares for every one equity share held on the record date). The last date for on-market renunciation of Rights Entitlements is November 29.
Out of the total issue proceeds of Rs. 48.95 crore, Mercury Trade Links intends to use Rs. 36.94 crore towards working capital requirement, Rs. 11.76 crore towards general corporate purposes, and Rs. 25 lakh for the Rights Issue expenses.
Highlights:
– The Rights Issue opened on November 7 and is set to close on December 5.
– The proceeds will be utilised to meet working capital requirements and general corporate purposes.
Established in 1985, Mercury Trade Links specialises in trading a wide range of agro products including fertilisers, manures, and plant and animal foods. It also trades in insecticides, herbicides and fungicides as well as various types of grain and seeds. The company’s extensive product portfolio includes rice, corn, milo, cotton seeds, soybeans, groundnuts, castor seeds, linseeds, sunflower, coconut, rapeseed, almonds, sesame seeds, mustard, sea seeds and grape seeds.
Beyond trading, Mercury Trade Links has diversified into manufacturing various agricultural commodities and allied products. This expansion strengthens its role in the agricultural supply chain by offering comprehensive services, providing customers with a wider product range and enhancing its competitive edge in the market.
The company aims to enhance its operational capacity and expand its footprint within the agricultural trading sector.
Mercury Trade Links reported a total income of Rs. 874.78 lakh for the quarter ended September 2024, an increase of 119.2% over income of Rs. 398.96 crore in the corresponding quarter of the previous financial year. Net profit for the period was reported at Rs. 75.73 lakh, 94.8% higher than the profit of Rs. 38.87 lakh in the same quarter of the previous year.
For the first half of the year, total income jumped 149.2% to Rs. 1,678.36 lakh from Rs. 673.37 lakh in the year-ago period. Net profit for the period was Rs.146.46 lakh, an increase of 130% over profit of Rs. 63.67 lakh last year.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
