MUMBAI: Yes Bank has acquired 10.25 per cent stake, amounting 60,00,000 shares, in Sical Logistics. The bank has 10.25 per cent of the paid-up share capital of the company, following the invocation of the pledge of shares.
Sical Logistics is a company that provides dredging and retail supply chain turnover logistics solutions.
“We wish to inform you that Yes Bank has, pursuant to invocation of the pledge of shares, acquired 60,00,000 equity shares having a nominal value of Rs 10 per share, (or) 10.25 per cent of the post-issue paid-up share capital of a listed company, namely Sical Logistics Ltd,” the bank said in a statement to stock exchanges.
In a notice sent to its shareholders, Sical Logistics said that the resolution “to sell, dispose of or hive off the business undertakings, are proposed to be passed through a postal ballot and remote electronic voting by the shareholders of the company”.
To find suitable buyers, the proposal has to be approved by the company’s shareholders, it said in a regulatory filing to Bombay Stock Exchange (BSE).
Sical Logistics is an integrated logistics solution provider for bulk and containerised cargo in India. The Coffee Day Group acquired Sical in 2011. The company is primarily engaged in providing integrated logistics services. The company’s divisions include port handling, road logistics, retail supply chain solutions, customs house agency, ship agency and goodwill travels, division. Last year, Sical Logistics has sought shareholders’ nod to sell, dispose of or hive off multiple business undertakings to pare debt.