The promoters of Allcargo Logistics have proposed to delist the company's shares from stock exchanges as part of efforts to trim the outstanding debt.
Shashi Kiran Shetty and Talentos Entertainment, the promoters of India's largest cargo company, have proposed to buy out 29.99 per cent stake held by public shareholders, which amounts to about 7.37 crore shares.
The promoter group entities hold nearly 70.01 per cent stake in the company or nearly 17.2 crore shares each with a face value of Rs 2, the company said in regulatory filings at stock exchanges.
The company's board of directors is scheduled to meet on August 27 to consider the proposal. At 10:45 am, Allcargo Logistics stock was locked in 20 per cent upper circuit at Rs 130.80.
( With inputs from ANI )
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