Shreyas Shipping Delisting: Successful Book Building Process

Shreyas Shipping Delisting: Successful Book Building Process

VoM News Desk | September 28, 2023 | 04:09 PM IST | Breaking News | Follow on Google News

Shreyas Shipping Delisting: Successful Book Building Process

Shreyas Shipping & Logistics Ltd has successfully completed the book building procedure as part of its delisting process from the stock exchanges. Despite the majority of shareholders being retail investors, the promoters managed to secure over 90% of the shares. Shareholders tendered approximately 4.3 million shares, surpassing the minimum requirement of 4.07 million shares.

Promoter’s Delisting Offer

Transworld Holdings (THL), the promoter of Shreyas Shipping, made a delisting offer to purchase the shares held by public shareholders at an indicated revised price of Rs. 375 per share.

As per exchange filings, the promoter and members of the promoter group held 1,54,66,650 shares, accounting for 70.44% of the total issued capital and 71.25% of the outstanding shares.

Discovered Price and SEBI Regulations

The reverse book-building process resulted in a discovered price of Rs. 890.0 per share. Promoters and potential buyers now have the option to either accept this discovered price or make a counteroffer, in accordance with updated SEBI regulations.

A total of 40,73,075 equity shares were successfully bid at or below the discovered price, equivalent to 18.55% of the total issued capital and 18.76% of the remaining shares.

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Revised Indicative Price

Transworld Holdings Ltd, the promoter, has announced its intention to purchase Shreyas Shipping & Logistics shares from investors at a revised indicative price of ₹375 per equity share. This move follows the preliminary clearance received by Transworld Holdings Ltd for the proposed delisting from the BSE and NSE on September 7, 2023.

Offer Management and Legal Counsel

NovaaOne Capital Pvt Ltd, a merchant banker registered with SEBI, is acting as the offer manager to Transworld Holdings Ltd for the delisting process. Legal counsel in connection with the offer is being provided by JSA Advocates & Solicitors.

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