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Shreyas Shipping & Logistics Limited Delisting Offer: Promoter, Transworld Holdings Limited presents a counter-offer of INR 400 per Equity Share

Transworld Holdings Ltd (“THL”), the promoter of Shreyas Shipping has presented a counter-offer at a price of INR 400.00 per Equity Share as part of the delisting process. As per SEBI Delisting Regulations, the counter-offer price provided by THL is above the book value of the company as on June 30, 2023 i.e. 373.48. In accordance with the revised SEBI norms, promoters or acquirers have the option to reject the discovered price or present a counter offer.

NovaaOne Capital Pvt. Ltd., a SEBI-registered Merchant Banker, is acting as the Manager to the Offer to Transworld Holdings Limited on the delisting process. JSA Advocates & Solicitors are acting as legal advisors in connection with the Offer.

Shreyas Shipping & Logistics Limited successfully completed the book building process for delisting the company from the stock exchanges. The bidding period for reverse book building started on September 20, 2023 and ended on September 26, 2023. The promoters were able to achieve more than 90% of shareholding even after having majority of shareholders being retail shareholders. About 4.3 million shares were tendered by the shareholders surpassing the minimum requirement of 4.07 million shares.  The discovered price as per reverse book building process was Rs. 890.0. The number of Equity Shares successfully bid at or below discovered price were 40,73,075 which amounted to 18.55% of the total issued capital and 18.76% of the remaining shares.

THL, had previously offered to acquire the shares of the company from public shareholders at an indicative revised price of Rs. 375. The floor price determined as per Delisting Regulations was INR 292.00. All the Public Shareholders holding Equity Shares were eligible to participate in the Counter-Offer in accordance with the procedure set forth in the counter offer documents.

According to stock exchange filing, Promoter and Members of Promoter Group Shareholding comprised 1,54,66,650shares which amounted to 70.44% of the total issued capital and 71.25% of the remaining shares.

THL had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics Ltd. (“SSL”) vide Initial Public Announcement dated May 21, 2023. The Delisting Offer is in accordance with Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (“Delisting Regulations”), from NSE and BSE on which SSL’s equity shares are listed (“the Offer”). THL obtained in-principle approval for the proposed delisting from Bombay Stock Exchange and The National Stock Exchange of India on September 07, 2023.

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