Yes Bank Invokes Pledged Shares, Acquires 10.25% Stake In Sical Logistics
Yes Bank invoked pledged shares of Sical Logistics, subsequent to default on loans that the lender extended to Sical Connect.
Yes Bank Ltd. has acquired 10.25 percent stake Sical Logistics Ltd. by invoking pledged shares.
"Yes Bank 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 percent of the post-issue paid-up share capital of a listed company, namely, Sical Logistics Ltd," the private sector lender said in a regulatory filing.
The stake has been acquired pursuant to invocation of pledged shares of Sical Logistics, 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.