₹375 apiece, SSL said in a release. Transworld Holdings had received in-principle approval for the proposed delisting of SSL from Indian stock market exchanges BSE and NSE on September 7. The proposed delisting was approved by the board of directors on May 24, 2023, and by shareholders of Shreyas Shipping & Logistics vide special resolution on July 03, 2023.
Earlier, the company had said that the floor price for the delisting of shares, as per regulations, was determined at ₹292 per share, while Transworld Holdings had provided its intention to acquire shares of Shreyas Shipping & Logistics at an indicative price of ₹338 apiece. Read here: Shreyas Shipping & Logistics receives BSE, NSE nod to delist shares; indicative price at ₹338 per share The promoters have now revised the indicative price to ₹375 per share, which is 2.7% higher than Friday’s closing price. However, the revised price is still lower than Monday’s high of ₹391.05 apiece.
“Transworld Group continues its 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.
Provided it can be completed at a price that balances the needs of all stakeholders, it has the potential to fundamentally reposition our business for the future," said Sivaswamy Ramakrishnan, Chairman of the Transworld Group. NovaaOne Capital Pvt. Ltd.
is acting as the manager to the offer to THL on the delisting process. JSA Advocates & Solicitors are acting as legal advisors in connection with the Offer. Under applicable Indian laws, SSL can be delisted by acquisition of equity shares of SSL if the same would result in. Read more on livemint.com