Shreyas Shipping delisting: The counter offer bidding period for Shreyas Shipping & Logistics Ltd’s public shareholders to bid their shares as part of the delisting process started on Wednesday, October 11, and ends on Tuesday, October 17. Shreyas Shipping’s promoter, Transworld Holdings, made a counteroffer at ₹400 per share.
The price that was discovered via the reverse book-building procedure is ₹890. There were 40,73,075 equity shares successfully bid at or below the discovered price, or 18.55% of the total issued capital and 18.76% of the remaining shares.
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Transworld Holdings made a post-offer announcement on September 28, 2023, in accordance with reverse book building, stating that it had acquired over 90.0% of the share capital and that it intended to make a counter offer at a price of ₹400.
The promoter and members of the promoter group held 1,54,66,650 shares, or 70.44% of the total issued capital and 71.25% of the outstanding shares, according to exchange filings.
During the counter offer bid period, which runs from October 11 to October 17, public shareholders can place tender orders for their equity shares through their broker at the counter offer price of ₹400 if they had not previously tendered their shares during the Reverse Book Building Process and would like to do so.
The public shareholder who did not wish to withdraw and who previously offered equity shares through the Reverse Book Building Process will not be taking any further action.
NovaaOne Capital Pvt Ltd, a merchant banker registered with SEBI is serving as the offer’s manager to Transworld Holdings Ltd in connection with the delisting procedure. In relation to the Offer, JSA Advocates & Solicitors are serving as legal counsel.
Shreyas Shipping is a major player in the coastal shipping industry, having owned and operated container feeders. Shreyas Shipping share price closed flat at ₹374 apice on BSE.
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Updated: 11 Oct 2023, 04:33 PM IST