Meanwhile, the S&P BSE Sensex was up 137.81 points or 0.51% at 27,373.47

On the BSE, 1.96 lakh shares were traded on the counter so far as against average daily volumes of 2.90 lakh shares in the past one quarter. The stock hit a high of Rs 44.60 and a low of Rs 42.60 so far during the day.

The stock had hit a 52-week high of Rs 54.55 on 6 September 2016. The stock had hit a 52-week low of Rs 15.90 on 12 February 2016. The stock had outperformed the market over the past 30 days till 17 January 2017, rising 16.43% compared with the 3.26% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 10.95% as against Sensex's 2.68% decline.

The small-cap company has equity capital of Rs 24.49 crore. Face value per share is Re 1.

Mercator said that the qualified institutional placement (QIP) committee of the company has approved the issue price of Rs 40.75, after giving discount of 4.79% i.e. Rs 2.05 per share, on the floor price of Rs 42.80 per share for the shares to be issued and allotted to eligible qualified institutional buyers. The QIP committee also approved issue of confirmation allocation note for the allocation of 2.50 crore shares to the qualified institutional buyers.

Mercator reported net loss of Rs 27.05 crore in Q2 September 2016 compared with net profit of Rs 14.59 crore in Q2 September 2015. Net sales declined 19.58% to Rs 133.28 crore in Q2 September 2016 over Q2 September 2015.

Mercator group has business interests in coal, oil & gas, shipping and dredging.