Please find enclosed the intimation regarding allotment of equity shares of the Company on a preferential basis.
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Lancer Container Lines' board approved the allotment of 10,28,69,409 equity shares of face value Rs. 5 each at Rs. 19.77 per share on a preferential basis to five individual allottees. The shares were issued for consideration other than cash, as payment for acquiring the entire equity share capital of P K M General Trading L.L.C. (PKMGT). Following this issue, the company's paid-up share capital rose from Rs. 1,25,19,71,545 to Rs. 1,76,63,18,590, taking total shares from 25.03 crore to 35.33 crore. As a result, PKMGT has become a wholly owned subsidiary of the company, with PT Map Trans Logistic becoming a step-down subsidiary.
Existing shareholders face roughly 41% dilution due to the new share issuance, but the company gains full ownership of PKMGT and its subsidiary PT Map Trans Logistic without any cash outflow, which could expand the group's logistics presence in international markets.