Sical shareholders approve Tanglin preferential issue (Lead)
December 14th, 2010 - 11:50 pm ICT by IANSChennai, Dec 14 (IANS) Shareholders of Sical Logistics Tuesday gave their nod to Tanglin Retail Realty Development Pvt Ltd to acquire further stake in the company.At an extraordinary general meeting (EGM) held here, Sical Logistics’ shareholders gave the green signal to issue 1.60 crore shares at Rs.76 per share at preferential basis to Tanglin Retail part of Coffee Day Resorts.
In November, Tanglin Retail acquired 10 percent stake in Sical Logistics for Rs.31.4 crore from Darnolly Investments.
Tanglin Retail will also acquire up to 20 percent of Sical Logistics’ equity or 1.17 crore shares at Rs.70.50 per share through an open offer that would open next month.
Addressing the shareholders, Ashwin C. Muthiah, chairman, Sical Logistics, said the funds will be needed for the company’s capital expenditure and the new investor would bring in value.
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Tags: c muthiah, capital expenditure, coffee, extraordinary general meeting, investments, issue 1, new investor, nod, percent stake, preferential basis, preferential issue, pvt ltd, realty development, shareholders, sical logistics