Transworld Holdings (THL), the promoter of Shreyas Shipping, offered to acquire shares of the company from the public shareholders in May at an indicative price of ₹338. The indicative price was revised to ₹375 this month. The floor price determined as per delisting regulations was ₹292 per share.
However, the cut-off price in the book-building process exceeded ₹800 per share. In accordance with the revised Sebi norms, promoters or acquirers now have the option to present a counteroffer if they manage to acquire 90% of the equity capital of the company post-offer.
Promoters held a 70.43% stake in the company and wanted 4.07 million shares through reverse book building to make it 90%.
Individual shareholders holding 5.03 million shares tendered nearly 73%, while institutional and non-institutional investors tendered 108,000 and 548,000 shares, respectively.
Shreyas Shipping is a leading player in the coastal shipping sector and is engaged in owning and operating container feeders.
Promoter Transworld Group said the delisting of Shreyas Shipping would enable the members of the group to obtain full ownership of the company, which in turn will provide enhanced operational flexibility.The proposed delisting of the company, the promoter believes, will result in a reduction of the ongoing substantial compliance costs, which include the costs associated with the listing of equity shares.
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