Shreyas Shipping & Logistics (SSL) announced on September 8 that its promoter has received in-principle approval for the proposed delisting from the 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 expressed its intention to acquire SSL shares at an indicative price of INR 338. This indicative price is lower than the prevailing price of Rs 373.


Transworld Holdings had previously declared its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics Ltd., through an Initial Public Announcement made on May 21, 2023.


Under applicable Indian laws, SSL can be delisted through the acquisition of its equity shares if this results in THL and its affiliates holding at least 90 percent of the total equity shares issued by SSL. Currently, THL, along with its affiliates, holds 1,54,66,650 equity shares, amounting to 70.44 percent of the paid-up equity share capital of SSL.


The proposed delisting was approved by SSL's board of directors on May 24, 2023, and by SSL shareholders via a special resolution on July 3, 2023.


The delisting process is now contingent on meeting the Minimum Tender Condition and obtaining other regulatory approvals. If completed, the purchase of SSL's equity shares will be conducted in accordance with the Delisting Regulations, with the price determined through the reverse book-building process.


"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," SSL stated.


Sivaswamy Ramakrishnan, Chairman of the Transworld Group, remarked, "Transworld Group continues its 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." Following the announcement, the stock traded down 2 percent at Rs 373.

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