Allcargo Logistics zooms 20%, hits 52-week high as Board to mull delisting

Shashi Kiran Shetty and TEPL expressed their intention to, either individually or collectively acquire all the fully paid-up equity shares of the Company
Shares of Allcargo Logistics were locked in the 20 per cent upper circuit band at Rs 130.8 per share -- also its 52-week high -- on the BSE on Tuesday after the company said its promoters Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd intend to voluntarily delist the company. A combined 0.72 million shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

"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 said in a statement.

As of the date, the members of the promoter group collectively hold 17,20,22,209 Equity Shares aggregating to 70.01 per cent of the paid-up equity share capital of the Company. The Public Shareholders hold 7,36,73,315 Equity Shares aggregating to 29.99 per cent of the paid-up equity share capital of the Company, the statement added.

The Board will meet on August 27 to consider the delisting proposal, appoint merchant banker for carrying out due diligence, and obtain from the Stock Exchanges, details of trading in shares of the Company for a period of two years prior to the date of board meeting.

The Mumbai-headquartered company is part of the Avvashya Group, and provides services such as global multimodal transport operations, pan India container freight stations, inland container depots, third-party logistics, warehousing, contract logistics and logistics parks.



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel