Allcargo retreats from delisting plan as public shareholders vote against the offer

September 13 , 2021

Source: The Hindu Business Line:

Allcargo Logistics has dropped plans to delist the company after public shareholders voted against the offer to take the company private.
 
The firm led by Shashi Kiran Shetty said it will continue to drive its ambitious growth plans as a listed entity, multiple sources briefed on the plan said.
 
 
This comes against the backdrop of a strong economic revival and significant growth in the logistics sector over the last one year.
 
“We respect the decision by the shareholders. A lot has changed in the last 12 months, since we launched the delisting offer. The primary purpose of delisting was to facilitate growth of various businesses. It would have been challenging to raise funds for growth one year ago, without restructuring and going private. However, in the current environment, we are confident of driving the company’s growth as a listed entity,” company sources said.

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