Transworld Holdings Seeks to Acquire Shreyas Shipping & Logistics Shares

Transworld Holdings Seeks to Acquire Shreyas Shipping & Logistics Shares
Transworld Holdings Seeks to Acquire Shreyas Shipping & Logistics Shares
Transworld Holdings Seeks to Acquire Shreyas Shipping & Logistics Shares
Transworld Holdings Seeks to Acquire Shreyas Shipping & Logistics Shares

Transworld Holdings Seeks to Acquire Shreyas Shipping & Logistics Shares

Transworld Holdings Seeks to Acquire Shreyas Shipping & Logistics Shares.

Revised Indicative Price of ₹375 per Share

Transworld Holdings Ltd (THL), the promoter of Shreyas Shipping & Logistics (SSL), has expressed its intention to acquire shares of SSL from investors at a revised indicative price of ₹375 per share, according to a release by SSL.

The proposed delisting of SSL from the BSE and NSE was granted in-principle approval by Transworld Holdings on September 7. The decision to delist was approved by SSL’s board of directors on May 24, 2023, and shareholders approved it through a special resolution on July 3, 2023. Initially, the floor price for delisting was set at ₹292 per share, with Transworld Holdings indicating an acquisition price of ₹338 per share.

However, the promoters have now revised the indicative price to ₹375 per share, representing a 2.7% increase over Friday’s closing price. Nevertheless, the revised price remains below Monday’s high of ₹391.05 per share.

Sivaswamy Ramakrishnan, Chairman of the Transworld Group, stated, “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.”

NovaaOne Capital Pvt. Ltd. is overseeing the delisting process for THL, with JSA Advocates & Solicitors serving as legal advisors. Under Indian laws, SSL can be delisted if THL and its affiliates hold at least 90.0% of the total equity shares after the acquisition, subject to certain regulatory conditions.

THL, along with its affiliates, currently holds around 70.44% of the paid-up equity share capital of SSL. The proposed delisting is contingent on meeting the Minimum Tender Condition and other regulatory approvals. The purchase of SSL shares will be carried out through the reverse book building process at a price determined accordingly.

Shreyas Shipping & Logistics shares have shown strong performance recently, gaining 15% in the last month and over 28% year-to-date (YTD). As of 2:25 pm, SSL shares were trading 4.64% higher at ₹382.05 apiece on the BSE.

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