The Hindu Business Line : Sical Logistics to raise $50 m

Sical Logistics Ltd on Tuesday told the National Stock Exchange that its Board of Directors had decided to issue equity shares to qualified institutional bidders for $50 million (Rs 225 crore).

The company will hold a meeting of shareholdes on January 8 to get their approval for the move.

"The Board of Directors also decided not to pursue the issue of balance amount to the extent of $50 million by way of FCCBs/GDRs as envisaged in the EGM Notice dated March 2, 2006 and as approved by the shareholders at their extra-ordinary general meeting held on March 29, 2006," the notification to the stock exchange says.

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