Shares in Mercantile Ports and Logistics rose 50% on Friday, extending its surge from the previous session when the company outlined plans to fully repay its debt and step up legal action to reclaim its Karanja terminal in Maharashtra, western India.
The group has offered to redeem 100% of its outstanding debt before the Supreme Court of India.
Creditors are considering the proposal, though the process has been delayed.
A hearing in Mumbai this week directed creditors to meet the company, with a meeting scheduled for 10 April in New Delhi.
Mercantile Ports has also secured backing from an international oil and gas company, alongside investor support, to fund a refinancing that would restore ownership of the asset.
The company has invested around £160 million in developing the Karanja facility over 15 years.
It said the terminal remains revenue-generating and has not been operationally insolvent.
Managing director Pavan Bakhshi said it was “difficult to understand why the proposal has not been considered and implemented in a timely manner.”
He added the company “will continue to fight to retain our asset, restore it to operational success and protect stakeholders’ interests.”
Shares have been volatile over the past 12 months, rising above 1.6p in August before falling to 0.3p in December amid its legal struggles.
