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Mumbai: Shares of Allcargo Logistics had been locked within the 20% upper circuit at ₹130.eight on the BSE on Tuesday after its promoters Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd proposed to voluntarily delist the company.
Mint reported on Monday that the members of the promoter group collectively maintain 17.2 crore shares aggregating to 70.01% of the paid-up fairness share capital of the company, whereas public shareholders maintain 29.99%.
The company will maintain a board meet on 27 August to think about the delisting proposal.
“In the Delisting Proposal Letter, Shashi Kiran Shetty and TEPL expressed their intention to, either individually/ collectively or together with other members of the Promoter Group, as the case may be, acquire all the fully paid-up equity shares of the Company; and voluntarily delist the Equity Shares of the Company from the BSE and NSE in accordance with the Sebi Delisting Regulations if the Delisting Offer is successful,” it mentioned in an announcement.
With its plans to go non-public, Allcargo joins different India corporates such as Vedanta Ltd, Adani Power Ltd and Hexaware Technologies, whose promoters are presently within the strategy of delisting their firms from the inventory exchanges.
Allcargo Logistics is a part of the Avvashya Group, and supplies providers such as international multimodal transport operations, pan India container freight stations, inland container depots, third-party logistics, warehousing, contract logistics and logistics parks.
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