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Shreyas Shipping & Logistics Limited Delisting Offer: 90% acquired; Promoters now have option to present counter offer

Shreyas Shipping & Logistics Limited has successfully completed the book building process for delisting the company from the stock exchanges. This is one of kind reverse book building where promoters were able to achieve more than 90% of shareholding even after having majority of shareholders as retail shareholders. About 4.3 million shares were tendered by the shareholders surpassing the minimum requirement of 4.07 million shares.

Transworld Holdings (THL), the promoter of Shreyas Shipping, offered to acquire the shares of the company from public shareholders at an indicative revised price of Rs. 375.

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.

The discovered price as per reverse book building process is Rs. 890.0. In accordance with the revised SEBI norms, promoters or acquirers now have the option to reject the discovered price or present a counter offer.

No. 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.

As the post Delisting Offer shareholding of the Acquirer, along with the other promoter and promoter group members, has exceeded 90% (90.02%) of total issued number of Equity Shares (excluding Shares transferred to the Investor Education and Protection Fund’s account and inactive Shareholder as provided under the Delisting Regulations), the Delisting Offer is deemed successful in terms of Regulation 21 of the Delisting Regulations, if Discovered Price of INR 890.00/- per Equity Share is accepted by the Acquirer.

If Discovered Price is accepted by the Acquirer, then payment will be made to all the successful bidders in accordance with Regulation 24 and other provisions of the Delisting Regulations, SEBI Circulars, and the settlement calendar of Clearing Corporations. Lien on unaccepted / rejected shares will be released on the Equity Shares in their respective demat accounts of the Public Shareholders inaccordance with Regulation 23 of the Delisting Regulations.

In terms of Regulation 17(4) and Regulation22(4) of the Delisting Regulations, a post offerpublic announcement disclosing the success or failure of the reverse book building process and / or counter offer and acceptance or rejection of the Discovered Price will be made in the samenewspapers in which the Detailed Public Announcement was made.

Promoter Transworld Holdings Ltd (THL) had provided its intention to acquire shares of SSL from investors at a revised indicative price of INR 375 per equity share (Source: Financial Express 18 September). THL obtained in-principle approval for the proposed delisting from Bombay Stock Exchange and The National Stock Exchange of India on September 07, 2023.

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”). SSL is a leading player in the coastal shipping sector and is engaged in owning and chartering container and bulk vessels.

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

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