Shreyas Shipping & Logistics Limited Photo: Twitter/@TransworldTweet
Transworld Holdings Limited (THL) has announced voluntary delisting of equity shares of its Indian subsidiary Shreyas Shipping & Logistics Limited (SSL) in compliance with Securities and Exchange Board of India’s (SEBI) delisting norms from NSE and BSE. on which the equity shares of SSL are listed.
SSL is in the coastal shipping sector and is engaged in owning and operating container feeders.
Transworld Group believes that the delisting of SSL will enable group members to gain full ownership of SSL, which will, in turn, provide better operational flexibility.
Since SSL will no longer be listed in India, there will be a reduction in management time dedicated to complying with the requirements associated with the continued listing of equity shares, which can be re-focused on its business, the company said in a statement.
The proposed delisting of SSL would result in reduction of substantial ongoing compliance costs, which include costs associated with listing of equity shares such as annual listing fee and fees payable to share transfer agents, expenses for servicing shareholders and such other expenses as may be required to be met. need to. Expenses as per applicable securities law. The price will be determined through the reverse book building mechanism as prescribed in the Delisting Regulations.
Presently, THL along with its associates hold 1,54,66,650 equity shares which constitute 70.44% of the paid-up equity share capital of SSL.
Sivaswamy Ramakrishnan, Chairman, Transworld Group, said, “The Transworld Group continues its efforts to simplify the group structure. This proposed transaction is fully in line with the robust strategy it has adopted over the years. This will change the credit profile of the group while offering exit value.
“Provided this can be accomplished at a cost that balances the needs of all stakeholders, it has the potential to fundamentally transform our business for the foreseeable future,” he added.