“Upon conversion of the Aramex CCDs, Aramex shall be entitled to hold 24.53% of the total paid-up share capital on a fully diluted basis,” the document added. “Aramex CCD refers to 200,040 compulsory convertible debentures to be converted into 11,753 equity shares, out of which Aramex has already subscribed to Aramex Tranche I CCDs and the balance (Aramex Tranche II CCDs and Aramex Tranche III CCDs) shall be subscribed by Aramex in next two tranches,” said the RoC document. Ltd that runs hyperlocal logistics service Grab has raised debt from United Arab Emirates-based logistics firm Aramex Ventures Llc, a top executive said. The move comes at a time when the hyperlocal delivery space is struggling to improve its unit economics and reduce cash burn. According to Tracxn, a start-up data tracker, at least 27 hyperlocal business-to-business delivery start-ups have been founded in India since January last year.

Source: Mint July 03, 2016 17:03 UTC