Shipping company Mercator announced the sale of its loss-making Singaporean dry bulk subsidiary, in a major step towards exiting from the segment.
The company sold all 900 million shares of Mercator Lines (Singapore) Ltd. for a token amount of 3 Singapore Dollars to three PE investors Bellerophon Holdings Pte Ltd., MIB Investments Private Ltd and Wroclaw Holdings Ltd, it said.
The transaction will be completed by March 25, 2016.
The unit had a negative net worth of $180 million (Rs 1,127 crore) as of FY15 end. It posted a loss of Rs 136 crore for the six months till September 30, 2015 and had a debt of Rs 1,000 crore on its books.