Company Update

Velox Shipping and Logistics has announced a board meeting to seek shareholder approval for reallocating Rs. 7.63 Cr raised through a preferential allotment in 2022. Instead of the original plan for business expansion and working capital, the funds will now be used for acquiring or investing in a foreign entity, INTERNATIONAL LOGISTICS ASSOCIATES LLC, pursuing other inorganic acquisitions, meeting working capital needs, and supporting general corporate purposes.

This shift indicates a strategic focus on inorganic growth and international presence, which could impact future operational scale and shareholder value.