The reverse book building offer of Shreyas Shipping & Logistics has attracted a tendering of 4.3 million shares surpassing the minimum requirement of 4.07 million shares and promoters were able to achieve over 90 per cent of the shareholding.
Transworld Holdings, the promoter of Shreyas Shipping, offered to acquire the shares of the company from public shareholders at an indicative revised price of ₹375.
According to the stock exchange filing, promoters and members of promoter Group Shareholding comprised 1,54,66,650 shares, which amounted to 70.44 per cent of the total issued capital.
Discovered price
The discovered price as per the reverse book building process was ₹890. In accordance with the revised SEBI norms, promoters or acquirers now have the option to reject the discovered price or present a counter offer.
The number of equity shares successfully bid at or below the discovered price were 40,73,075, which amounted to 18.55 per cent of the total issued capital and 18.76 per cent of the remaining shares.
The post-delisting offer shareholding of the acquirer, along with the other promoter and promoter group members, has touched 90.02 per cent of total issued equity shares. With this, the delisting offer is deemed successful in terms of Regulation 21 of the delisting regulations, if the discovered price of ₹890 per share is accepted by the acquirer.
THL had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics in May. SSL is a leading player in the coastal shipping sector and is engaged in owning and chartering container and bulk vessels.
Shares of Shreyas Shipping jumped 15 per cent to ₹484 on Wednesday.
