GIC exits shipping firm Mercator with big haircut

Singapore sovereign wealth fund GIC has exited shipping company Mercator Limited with a huge haircut. GIC sold its entire 7.77 per cent stake in Mumbai-based Mercator Limited recently, taking a meagre Rs 30 million. The Singapore firm had invested roughly Rs 850 million-Rs 900 million in Mercator in multiple tranches, including a private placement, starting October 2016. The exit indicates a roughly 96-98 per cent erosion in investment for GIC.