Chennai, Dec 14 (IANS) Shareholders of Sical Logistics Tuesday gave their nod to Tanglin Retail Realty Development Pvt Ltd to acquire further stake in the former.
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 upto 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.
