MUMBAI: Vision Corporation, engaged in entertainment business, on Monday said it has decided to acquire 51 per cent stake in shipping and logistics company Pol India Agencies Ltd (PIAL).
A board meeting held on Friday decided to acquire 51 per cent equity stake in PIAL at a price yet to be mutually discussed and negotiated, the company said in a filing to the Bombay Stock Exchange.
PIAL is a shipping and Logistics out-fit, which is more than 50 years old, have been controlling and promoting shipping interests of Polish Ocean Lines from Middle-East to South East Asian sector and were handling both bulk and general cargoes project cargoes, container and passenger vessels in addition to doing stevedoring, clearing and forwarding as well as other related logistics activities.
The company also decided to make preferential allotment of equity shares to investors and convene an Extra Ordinary General Meeting (EGM) on September 12 to pass a Special Resolution to this effect.
Shares of the company were trading at Rs 13.68, up 4.99 per cent on the BSE.
(Source: Economic Times )
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