Shreyas Shipping & Logistics said Monday that its board of directors has approved the proposal to invest an aggregate amount not exceeding Rs 1.5 billion in potential acquisition or equity investment opportunities in Indian or overseas companies engaged in warehousing, road transport and logistics activities. The company plans to raise funds for the same. The decision was taken by the board at its meeting held on Dec. 9, 2006 and is in line with the companys strategic intent to expand its logistics business. The company will raise funds for this purpose through the modes, which will be decided in due course by the board of directors or the committee appointed for this purpose. The board also approved the proposal for utilization of shares and securities premium for setting off expenditure incurred towards refurbishment and upgradation of the companys fleet, etc.
An EGM of the company will be held on Jan. 15, 2007 to obtain the approval of the shareholders to the above proposals. Shares of the company were last trading down Rs 9.55, or 7.01% to Rs 126.75 at the Sensex. Total volumes of shares traded was 48,230. (11.45 a.m., Monday)
An EGM of the company will be held on Jan. 15, 2007 to obtain the approval of the shareholders to the above proposals. Shares of the company were last trading down Rs 9.55, or 7.01% to Rs 126.75 at the Sensex. Total volumes of shares traded was 48,230. (11.45 a.m., Monday)