Transworld Holdings Ltd (THL), the promoter of Shreyas Shipping & Logistics Ltd. (SSL) has announced to acquire shares of SSL from investors at a revised indicative price of Rs 375 per share as compared to the earlier offer of ₹338 per share.
The floor price determined as per delisting regulations is ₹292 per share.
THL had obtained in-principle approval for the proposed delisting from Bombay Stock Exchange and the National Stock Exchange of India on September 07, 2023.
The company had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, SSL through Initial Public Announcement dated May 21, 2023.
SSL is a leading player in the coastal shipping sector and is engaged in owning and chartering container and bulk vessels.
Sivaswamy Ramakrishnan, Chairman, Transworld Group in a statement said, “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,” he said.