Sical Logistics to raise US$ 50 million

Sical Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on December 12, 2006 has decided to issue equity shares to QIBs to the extent of USD 50 million in one or more tranches as per the SEBI (DIP) Guidelines, 2000 - Chapter XIII-A and to seek shareholders approval at an Extra-ordinary General Meeting to be convened on January 08, 2007.

The Board of Directors also decided not to pursue the issue of balance amount to the extent of USD 50 million by way of FCCBs/GDRs as envisaged in the EGM Notice dated March 02, 2006 and as approved by the shareholders at their Extra-ordinary General Meeting held on March 29, 2006.

Source : Equity Bulls

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