YES Bank acquires 10.25% stake in SICAL Logistics by invoking pledged shares

  • Incorporated on May 6, 1955, SICAL Logistics is an integrated logistics solution provider for bulk and containerised cargo in India.
  • Coffee Day Group acquired SICAL in September  2011, as per the company’s website.
  • Last year, Sical Logistics, a Coffee Day Group company, has sought shareholders’ nod to sell, dispose of or hive off multiple business undertakings to pare debt

Private sector lender YES Bank on Wednesday acquired 10.25 percent stake in SICAL Logistics Limited by invoking the pledged shares towards the recovery of dues from Sical Connect Ltd.

“We wish to inform you that YES BANK Limited has, pursuant to invocation of the pledge of shares, acquired 60,00,000 equity shares having a nominal value of Rs. 10/- per share, constituting approx. 10.25% of the post-issue paid-up share capital of a listed company, namely, SICAL Logistics Limited,” the lender in a filing with the exchanges said.

Incorporated on May 6, 1955, SICAL Logistics is an integrated logistics solution provider for bulk and containerised cargo in India. Coffee Day Group acquired SICAL in September  2011, as per the company’s website.

Last year, Sical Logistics, a Coffee Day Group company, has sought shareholders’ nod to sell, dispose of or hive off multiple business undertakings to pare debt.

In a notice sent to its shareholders, the company said that the resolution “to sell, dispose of or hive off the business undertakings, are proposed to be passed through a postal ballot and remote electronic voting by the shareholders of the company.”

To find suitable buyers, the proposal has to be approved by the company’s shareholders, Sical Logistics said in a regulatory filing to BSE.