Shreyas Shipping & Logistics Delisting: Firm raises indicative price to Rs 375 per share
The company has put the delisting floor price at Rs 292.
Shares of Shreyas Shipping jumped over 7% intraday to the day's high of Rs 391.20 on the NSE.
THL had on September 8, issued Detailed Public Announcement (DPA) national dailies announcing the floor price, which it said was determined as per the Sebi delisting regulations.
On May 21, 2023, the company had informed about its intent to delist SSL from the exchanges. The proposed delisting was approved by the board of directors on May 24, 2023, and by shareholders of SSL through a special resolution on July 3, 2023.
SSL had obtained an in-principle approval for the proposed delisting from BSE and The National Stock Exchange of India on September 7.
SSL is a player in the coastal shipping sector and is engaged in owning and chartering container and bulk vessels.
Under the applicable Indian laws, SSL can be delisted by acquisition of equity shares of SSL if the same would result in post-offer shareholding of THL and its affiliates in SSL being at least 90% of the total equity shares issued by SSL. Currently, THL along with its affiliates holds 1,54,66,650 equity shares aggregating to 70.44% of the paid-up equity share capital of SSL, the company release said.
The proposed delisting is now subject to satisfaction of the minimum tender condition, and other regulatory approvals, the release said further.
Sivaswamy Ramakrishnan, Chairman of the Transworld Group said, «Transworld Group continues it's efforts to simplify the group structure.
This proposed transaction is fully aligned with the robust strategy pursued over the years. It will transform the Group's credit profile while offering a fair exit price to minority shareholders.
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