The promoter of Shreyas Shipping, Transworld Holdings presented a counter-offer at a price of Rs 400 per equity share as part of the delisting process. As per SEBI Delisting Regulations, the counter-offer price provided by THL is above the book value of the company as of June 30, 2023, i.e. Rs 373.48.
Shreyas Shipping & Logistics has successfully completed the book-building process for delisting the company from the stock exchanges. The bidding period for reverse book building started on September 20, 2023, and ended on September 26, 2023. The promoters were able to achieve more than 90% of shareholding even after having a majority of shareholders were retail shareholders.
About 4.3 million shares were tendered by the shareholders surpassing the minimum requirement of 4.07 million shares. The discovered price as per the reverse book building process was Rs 890. The number of Equity Shares successfully bid at or below the discovered price was 40,73,075 which amounted to 18.55% of the total issued capital and 18.76% of the remaining shares.
THL had previously offered to acquire the shares of the company from public shareholders at an indicative revised price of Rs 375. The floor price determined as per Delisting Regulations was INR 292. All the Public Shareholders holding Equity Shares were eligible to participate in the counteroffer in accordance with the procedure set forth in the counteroffer documents.
According to the stock exchange filing, Promoter and Members of Promoter Group Shareholding comprised 1,54,66,650 shares which amounted to 70.44% of the total issued capital and 71.25% of the remaining shares.
THL had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics (SSL) vide Initial Public Announcement dated May 21, 2023. The Delisting Offer is in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (“Delisting Regulations”), from NSE and BSE on which SSL’s equity shares are listed (the Offer). THL obtained in-principle approval for the proposed delisting from the Bombay Stock Exchange and The National Stock Exchange of India on September 07, 2023.