Shreyas Shipping & Logistics gets in-principle approval for delisting

Transworld Holdings, had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics Ltd. vide Initial Public Announcement dated May 21, 2023.

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Shreyas Shipping & Logistics (SSL) on September 8 said its promoter has obtained in-principle approval for the proposed delisting from BSE and The National Stock Exchange of India.

The floor price determined as per delisting regulations is Rs 292 and Transworld Holdings (THL) – the promoter – has provided its intention to acquire shares of SSL at an indicative price of INR 338. This price is much lower than prevailing price of Rs 373.

Transworld Holdings had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics Ltd. vide Initial Public Announcement dated May 21, 2023.

Under applicable Indian laws, SSL can be delisted by acquisition of equity shares of SSL if the same would result in post-offer shareholding of THL and its affiliates in SSL being at least 90 percent of the total equity shares issued by SSL and satisfaction of certain other applicable regulatory conditions. Currently, THL along with its affiliates holds 1,54,66,650 equity shares aggregating to 70.44 percent of the paid-up equity share capital of SSL.

The proposed delisting was approved by the board of directors on May 24, 2023 and by shareholders of SSL vide special resolution on July 03, 2023.

The proposed delisting is now subject to satisfaction of the Minimum Tender Condition, and other regulatory approvals. If consummated, the purchase of the equity shares of SSL will be carried out in accordance with the Delisting Regulations at a price to be determined through the reverse book building process, the company said.

“THL shall have the sole discretion to accept or reject the price discovered pursuant to the book building process including other rights and obligations in terms of the Delisting Regulations,” it added.

“Transworld Group continues it’s efforts to simplify the group structure. 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. Provided it can be completed at a price that balances the needs of all stakeholders, it has the potential to fundamentally reposition our business for the future,” said Sivaswamy Ramakrishnan, Chairman of the Transworld Group.

The stock traded down 2 percent at Rs 373 following the announcement.