The company received 2,245 successful bids between the price range from Rs 292 and Rs 2,920 per equity share for a total of 4,306,743 equity shares. The number of bids received by Shreyas Shipping above the discovered price stood at 196 for 233,668 equity shares.
The company had on September 18 revised its indicative price of acquisition of shares to Rs 375 from an earlier price of Rs 338 per equity share. The shares will be acquired by its parent company Transworld Holdings (THL).
The delisting offer size is up to 6,490,883 equity shares.
The delisting offer opened on Wednesday, September 20, and closed on Tuesday, September 26, at the end of market hours on the BSE and the National Stock Exchange (NSE).
Link Intime India Private and NovaaOne Capital Private were appointed as the registrar and manager to the delisting offer.
Shares of Shreyas Shipping declined by 1.83% or Rs 8.85 and were trading at Rs 476.05 on the NSE around 12:30 p.m.THL had on September 8, issued Detailed Public Announcement (DPA) in 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 intention 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 NSE on September 7, 2023.
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 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.”
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