Allcargo Logistics drops delisting plan as public shareholders vote against the offer

Allcargo Logistics has dropped plans to delist the company after public shareholders voted against the offer to take the company private. The process for delisting was announced in August 2020 after the pandemic hit the entire economy and the promoters felt the need to restructure and infuse funds for its growth and investment plans. After changes in regulations, shareholder approval had to be re-initiated and the promoters sought the approval after getting a nod from the board.