Private sector lender Yes Bank has acquired 10.25 per cent stake in Sical Logistics, a Coffee Day Group company, by invoking pledged shares. “Yes Bank Ltd has, pursuant to invocation of pledge of shares, acquired 60,00,000 equity shares having nominal value of Rs 10 per share, constituting around 10.25 per cent of the post-issue paid-up share capital of a listed company, namely, Sical Logistics Ltd,” the lender said in a regulatory filing.
The shares have been acquired pursuant to invocation of pledge of shares of Sical Logistics Limited subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Sical Connect Ltd, the filing added. Sical Logistics is engaged in providing dredging and retail supply chain logistics solutions.
It was incorporated on May 6, 1955 is engaged in the business of providing multi-modal logistics solutions. In 2011, Sical was acquired by Coffee Day group. Shares of Yes Bank were trading at Rs 40.15, up 0.88 per cent on BSE in afternoon trade. The stock of Sical Logistics were quoted at Rs 15.65, down 0.95 per cent on the BSE.
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Source: Financial Express