Coffee Day Group's Sical Logistics seeks shareholders' nod to sell business undertakings to pare debt

New Delhi: Sical Logistics, a Coffee Day Group company, has sought shareholders’ nod to sell, dispose off or hive off multiple business undertakings to pare debt. In order to pay off its debts and to run major businesses of the company in a smooth manner, the board of the company in August directed the management to explore opportunities to deleverage the company and its subsidiaries. [caption id=“attachment_2492804” align=“alignleft” width=“380”] Representational image. Reuters[/caption] In a notice sent to its shareholders, the company said that the resolution “to sell, dispose off or hive off the business undertakings, are proposed to be passed through a postal ballot and remote electronic voting by the shareholders of the company.” To find the suitable buyers, the proposal has to be approved by the company’s shareholders, Sical Logistics said in a regulatory filing to BSE. The company is looking to sell its various business units as well the shareholdings held in the subsidiaries either as such or consolidating by purchasing the shares held by any other investors in the subsidiaries. “Such sale shall be for a price which shall be based on valuation and the same may be either through strategic sale or slump sale as would be found advantageous to the company whereby the stakeholders’ interests would be taken sufficient care of,” the company said. Such proceeds would be utilised to pay off the debts, it said adding that the company is in the process of identifying suitable buyers. Sical Logistics is an integrated logistics solution provider for bulk and containerised cargo in India. Coffee Day Group acquired Sical in September, 2011, as per the company’s website.