Sical Logistics seeks shareholders' nod to sell or hive off business units

The price of the assets and businesses would be based on valuation and the company might look either at strategic sale or slump sale, whichever worked better for it and its shareholders

Sical Logistics, part of Coffee Day Group, has sought shareholder's approval to sell, dispose of or hive off business undertakings, including through sale of shares and assets. The company had earlier announced its plans to reduce its assets to lower debt amid a liquidity crunch since the demise of promoter V G Siddhartha.

The resolution sought shareholders’ approval for divestment, sale or disposal of business units, or assets and shareholding in subsidiaries, to one or more persons in tranches, subject to the release of shares pledged with lenders.

"In order to find suitable buyers, the subject of sell, dispose of or hive