1983 - The Company was Incorporated on 24th November, as a private
limited company and was converted into a public limited company
on 3rd April 1984. The company's object is Owning and Operating
ships. Initially it was promoted by T.V. Ramachandran and the
entire shareholding was acquired by Mr. H.K. Mittal and Smt.
- A mini bulk carrier M.V. Sundari of 900 DWT was acquired in 1984
to ply on the Indian coast with the shipping Development Fund
Committee Loan assistance. Over a period of 7-8 years, the
company acquired further 3 more vessels for operations. At
present there are 4 vessels which includes 2 tankers and 2 cargo
cum bulk carrier.
1993 - During the year under review the company has acquired an oil tanker of capacity of
1000 dwt which has been successfully put into operation during January.
- The company proposes to make a public issue of 3342500 equity shares of Rs. 10/- each
at a premium of Rs. 10/- each, aggregating to Rs. 668.50 lakhs. The company proposes to
tap the primary capital market in the month of October/Novemeber.
1994 - 16,65,620 No. of equity shares of Rs.10 each issued and of these
16,57,500 No. of equity shares were subscribed and paid up of
these 8,40,000 shares were issued as bonus shares. 33,42,500
No. of equity shares of Rs.10 each were then issued at a prem. of
Rs.10 each as follows:
- (i) 80,000 shares to promoters.
- (ii) 8,00,000 shares to NRIs on repatriation basis (only 4,15,000
shares taken up.
- (iii) 3,00,000 shares to Indian Mutual Funds (only 1,50,000
shares taken up).
- Balance 21,62,500 shares along with 3,85,000 shares not taken up
by NRIs and Mutual Funds (1,50,000 shares) were issued to the
public (all were taken up).
- The Company has made its maiden Public issue of 33,42,500 No. of Equity Shares of
Rs 10/- each at a premium of Rs 10/- each and the basis of allotment was finalised in
consultation with the Bombay Stock Exchange.
- The Company has undertaken a major expansion drive to add 9 tanker vessels during
the current year at an aggregate cost of Rs 13 Crores.
1996 - During the year the Company acquired and commenced the operation
of one mini tanker taking the number of own fleet to eleven. The
Power Station of BSES at Dahanu.
- The Company had drawn an expansion programme to acquire four
barges to cope-up with the additional requirements arising out of
the contract executed with BSES Ltd., for lighterage activities
at Thermal Power Station at Dahanu. The Company also decided to
acquire one super speciality tanker for carrying acids.
1997 - The Company undertook to acquire second hand bulk cum cargo
carrier of size about 400 DWT for plying between the West Coast
of India, the Gulf for carriage of general cargo and bulk cargo.
- The company has drawn an expansion programme to acquire four barges to
cope-up with the additional requirements arising out of the contract executed with
BSES Ltd., for lighterage activities at its Thermal Power station at Dahanu.
- Dr. S.S. Vaman resigned from the Board with effect from 1st August and as a consequence
also ceased to be Executive Director.
1998 - The Company has won a contract with M/s. Indian Oil Corporation Ltd. against stiff
competition, for transportation of bulk petroleum products on the East Coast.
1999 - During the year under review, the Company acquired one second hand tanker vessel of
9755 DWT. During the year, the Company also acquired one tug and four lash barges through
its internal accruals only.
- The Company has developed strong fundamentals which has created good image and
trust among the customers of the Company.
2000 - The Company has signed an agreement with CDSL and NSDL for
-Global Trust Bank (GTB) divests its holding of 5 per cent in the company
-Mercator Lines acquires one second hand aframax tanker of 94706 M/tons Dead Weight Tonnage (DWT) under second phase of its expansion program.
-Mercator Lines divests four per cent stake to Canara Bank & Bank of India
-Bags $32 mn contract from M/s BG Exploration & Production for charter hire of a vessel for a period of 5 years
-Mercator Lines has bagged MRPL's contract to transport six million tonne of crude on a world scale 2004 of 129.
-The Singapore-based Indiaman Funds (Mauritius) has picked up a stake of around five per cent in the Mercator Lines at Rs 275 per share
-Mercator Lines gets listed on NSE with effect from June 20, 2005 onwards.
-Mercator Lines signs MOA for rights of operating on Geared Panamax vessels
-Mercator Lines Limited has informed that Mr. Nilesh Jain, an Associate member of Institute of Company Secretaries of India, has been appointed as Company Secretary and Compliance Officer of the Company.