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Allcargo Logistics To Raise Up To Rs 300 Crore Via Private Placement

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Allcargo Logistics To Raise Up To Rs 300 Crore Via Private Placement
New Delhi: Allcargo Logistics will seek shareholders' approval to raise up to Rs 300 crore by issuing Secured Non-Convertible Redeemable Debentures (NCDs) on a private placement basis.

One of India's leading integrated logistic solutions provider, the company has a network of 301 offices across 164 countries through its international subsidiaries.

"Resource Raising Committee of the company at its meeting held on March 28, 2016, has considered and approved raising of funds up to Rs 300 crore by issue of NCDs on Private Placement basis," Allcargo Logistics said in a regulatory filing today.

It will be issued in one or more tranche(s) from time to time subject to obtaining shareholders approvals by way of postal ballot/electronic voting and necessary statutory and regulatory approvals, it added.

"The proposed NCDs will be listed on stock exchange(s)," the filing said.

Earlier this month, Allcargo said it plans to set up a logistics park in Jhajjar district of Haryana, mainly to cater to the growing container traffic in the northern parts of the country.

It has in-principle approved setting up of logistics park in Haryana and the facility is expected to be operational by 2018, subject to necessary regulatory approvals and rail connectivity.

The project will comprise rail-linked private freight terminal catering to railway cargo movement, free trade warehousing zone, domestic tariff area and other related activities. It will also have the facility to handle both in-bound and out-bound contract logistics services.

Shares of the company were trading at Rs 155.10 apiece, down 0.51 per cent in the afternoon trade on BSE.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


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