Sical Logistics Limited has informed the Exchange regarding Notice of Postal Ballot
SICALLOG · price
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Sical Logistics has sent a Postal Ballot Notice to shareholders seeking approval for six resolutions connected to a Rs. 250 crore rupee term loan facility from Aditya Birla Capital Limited and other lenders. Three Ordinary Resolutions cover related party transactions for security and guarantees to be provided by its ultimate holding company (Pristine Logistics & Infraprojects), immediate holding company (Pristine Malwa Logistics Park), and step-down subsidiary (Sical Bangalore Logistics Park). Three Special Resolutions seek approval for creating a mortgage on assets of step-down subsidiary Sical Multimodal and Rail Transport, pledging 53.60% shares of material subsidiary Sical Infra Assets, and allowing conversion of the loan into equity shares, preference shares, or convertible debentures if the company defaults. Remote e-voting runs from May 16, 2025 to June 14, 2025.
Shareholders should note this is a debt-raising exercise with significant pledging of subsidiary assets and shares as collateral, plus a debt-to-equity conversion clause that could lead to dilution if the company defaults on the Rs. 250 crore loan. The involvement of multiple related parties (parent and group entities) as guarantors means outcomes are closely tied to the Pristine Group's financial health.