Shreyas Shipping & Logistics receives BSE, NSE nod to delist shares; indicative price at ₹338 per share
Shreyas Shipping & Logistics vide special resolution on July 03, 2023. The floor price for the delisting of shares, as per regulations, has been determined at ₹292 per share, while Transworld Holdings has provided its intention to acquire shares of Shreyas Shipping & Logistics at an indicative price of ₹338 apiece. This price is 11.33% lower than Thursday’s closing of ₹381.20 per share on the BSE.
“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. Also Read: Cochin Shipyard share price turns multibagger in one year, but Kotak downgrades the stock to sell; here's why 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. At present, THL along with its affiliates holds 70.44% of the paid-up equity share capital of SSL.
As per the regulations, 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 90.0% of the total equity shares issued by SSL and satisfaction of certain other applicable regulatory conditions. The proposed delisting is now subject to satisfaction of the Minimum Tender Condition, and other regulatory approvals. If consummated, the purchase of
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