Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

Transworld Holdings to delist Indian subsidiary Shreyas Shipping & Logistics

SSL is a major player in the coastal shipping sector, specialising in owning and chartering container and bulk vessels.

Transworld Holdings to delist Indian subsidiary Shreyas Shipping & Logistics

Friday September 08, 2023 , 2 min Read

Transworld Holdings Ltd (THL) has officially declared its intention to voluntarily delist the equity shares of its prominent Indian subsidiary, Shreyas Shipping and Logistics (SSL). The development comes after THL's Initial Public Announcement for delisting earlier this year in May and is in compliance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. 

A major player in the coastal shipping sector, SSL specialises in owning and chartering container and bulk vessels. SSL's equity shares are currently listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

According to Indian regulations, SSL can be delisted through the acquisition of its equity shares, provided that it results in THL and its affiliates holding at least 90.0% of the total equity shares issued by SSL, along with meeting other applicable regulatory conditions (referred to as the "Minimum Tender Condition"). Presently, THL and its affiliates collectively hold 1,54,66,650 equity shares, constituting 70.44% of the paid-up equity share capital of SSL.

The proposed delisting received approval from SSL's board of directors in May, and was endorsed by SSL's shareholders through a special resolution in July. SSL also secured in-principle approval for the delisting from both the Bombay Stock Exchange (BSE) and National Stock Exchange of India on September 7.

On September 8, THL issued a Detailed Public Announcement (DPA) in leading newspapers to formalise the delisting process. The floor price, as determined per the Delisting Regulations, stands at Rs 292 per share. THL has expressed its intention to acquire SSL shares at an indicative price of Rs 338.

The proposed delisting is now subject to meeting the Minimum Tender Condition and obtaining other necessary regulatory approvals. If successfully completed, the acquisition of SSL's equity shares will be conducted in adherence to the delisting regulations, employing the reverse book-building process.

THL retains sole discretion in accepting or rejecting the price discovered during the book-building process

In December 2022, Transworld Group invested in Dubai-based fintech group SAM Corporate to pave the way for the introduction of new fintech products and services to the market.


Edited by Kanishk Singh