Allcargo Global to raise funds

Allcargo Global Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on August 27, 2007, has transacted the following:

1. Subject to valuation being mutually acceptable by the Company and Transindia Freight services Pvt. Ltd. ("TFSPL") considered "in-principle" the acquisition of the undertaking of TFSPL through merger / amalgamation or any other mode as of the appointed date of January 01, 2007, after complying with all the necessary provisions under various statutes and seeking necessary approvals from the concerned authorities.

2. Considered raising of funds through issue of equity or quasi-equity, debt or any other hybrid instrument(s) not exceeding Rs 400 crores, subject however to the necessary approvals of shareholders and all statutory / regulatory authorities as applicable from time to time.

Source : Equity Bulls

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