Sical Logistics to allot 52,50,000 shares to IDFC Private Equity Fund on preferential basis

Sical Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on March 13, 2007, has transacted the following:

1. Approved a Scheme of Arrangement (Demerger) of Trading, Services and Coffee plantation undertakings of the Company.

2. Decided to offer, issue and allot to IDFC PRIVATE EQUITY FUND - II on private placement / preferential basis, 52,50,000 equity shares of Rs 10/- each of the Company for cash at a price including premium, provided that such price shall not be less than the minimum price arrived in accordance with SEBI Guidelines for Preferential Issues (Chapter XIII of the Securities & Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, subject to necessary provisions and approvals.

3. To convene an Extra Ordinary General Meeting of the equity shareholders to seek their approval for the issue of equity shares on preferential basis.

Source : Equity Bulls

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