Allcargo Logistics hits 20% upper circuit as promoters propose to delist company1 min read . Updated: 25 Aug 2020, 03:20 PM IST
- The members of the promoter group collectively hold 17.2 crore shares aggregating to 70.01% of the paid-up equity share capital of the company, while public shareholders hold 29.99%
Mumbai: Shares of Allcargo Logistics were locked in the 20% upper circuit at ₹130.8 on the BSE on Tuesday after its promoters Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd proposed to voluntarily delist the company.
Mint reported on Monday that the members of the promoter group collectively hold 17.2 crore shares aggregating to 70.01% of the paid-up equity share capital of the company, while public shareholders hold 29.99%.
The company will hold a board meet on 27 August to consider the delisting proposal.
"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.
With its plans to go private, Allcargo joins other India corporates such as Vedanta Ltd, Adani Power Ltd and Hexaware Technologies, whose promoters are currently in the process of delisting their companies from the stock exchanges.
Allcargo Logistics 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.