Coffee Day Group's Sical Logistics seeks shareholders' nod to sell biz undertakings

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.

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."