Business News | Allcargo Logistics to Consider Delisting Proposal on Aug 27
Get latest articles and stories on Business at LatestLY. The promoters of Allcargo Logistics have proposed to delist the company's shares from stock exchanges as part of efforts to trim the outstanding debt.
Mumbai, (Maharashtra) [India], Aug 25 (ANI): The promoters of Allcargo Logistics have proposed to delist the company's shares from stock exchanges as part of efforts to trim the outstanding debt.
Shashi Kiran Shetty and Talentos Entertainment, the promoters of India's largest cargo company, have proposed to buy out 29.99 per cent stake held by public shareholders, which amounts to about 7.37 crore shares.
The promoter group entities hold nearly 70.01 per cent stake in the company or nearly 17.2 crore shares each with a face value of Rs 2, the company said in regulatory filings at stock exchanges.
The company's board of directors is scheduled to meet on August 27 to consider the proposal. At 10:45 am, Allcargo Logistics stock was locked in 20 per cent upper circuit at Rs 130.80. (ANI)
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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)