Velox Shipping Redirects ₹1.44 Crore of Preferential Allotment Funds to 98% ILA Stake

Velox Shipping and Logistics Limited reported a partial deviation in the use of funds from its preferential allotment, redirecting ₹1.44 crore toward a 98% stake in International Logistics Associates LLC for the quarter ended September 30, 2026. ScanX reported the disclosure on November 7, 2026. The deviation concerns ₹7.62 crore raised on August 26, 2022, of which 19% has been deployed.

Velox Shipping's Reallocation to the ILA Acquisition

The ₹7.62 crore was originally allocated for growth capital, capital expenditure and working capital. Shareholders approved the change in objects on June 13, 2025, and the Audit Committee reviewed and confirmed the variation. Velox Shipping said it aims to expand organically and inorganically through roll-up acquisitions.

The modified allocation covers the acquisition of a 98% stake in International Logistics Associates, other inorganic acquisitions, working capital requirements and general corporate purposes. Funds utilized for the ILA stake, other inorganic acquisitions, working capital and general corporate purposes stood at ₹1.44 crore, ₹0, ₹0 and ₹0 respectively.

Velox Shipping also received ₹9.19 crore during the quarter from the conversion of warrants into equity shares. The amount is the balance 75% consideration paid by allottees who made an initial 25% payment of ₹6.89 crore at the time of warrant allotment on May 16, 2026. The company said the warrant conversion proceeds remained unutilized as of September 30, 2026, with no deviation reported for that tranche.

Velox Shipping's Run of Logistics Acquisitions

On July 21, 2026, Velox Shipping completed the acquisition of a 98% equity stake in ILA for USD 447,860, effective January 23, 2026, ScanX reported. On July 28, 2026, the company signed an addendum to acquire 33.56% of Divinus Express Logistics for ₹5 crore, which combined with subsidiary Anchorage Shipping's existing 46.99% stake would give the group about 80.56% of the logistics firm, according to ScanX.

On the same date, ScanX reported that Velox Shipping acquired a 40.89% stake in Seaman Logistics Solutions for ₹11 crore through an addendum agreement, bringing its total holding to 68.78% when combined with Anchorage Shipping's existing 27.88% stake.

Velox Shipping's September 30 Shareholder Meeting

Velox Shipping scheduled its 43rd AGM for September 30, 2026, to adopt FY26 results and seek shareholder approval for ₹250 crore loan and investment limits, ScanX reported on September 7, 2026.