Over 90 pc shares tendered at Rs 890 apiece in Shreyas Shipping buyback offer

Promoters of Shreyas Shipping & Logistics have received over 90 per cent of the shares held by public shareholders in the buyback tendering at a discovered price of Rs 890 a share, which is multiple times higher than the offer price of Rs 375 per share.

Under the Sebi norms, the promoters have the option to reject the tendered shares or make a counter offer.

Transworld Holdings, the promoters of Shreyas Shipping, in a statement said it has received over 90 percent of the shares from public shareholders in the buyback tendering at a discovered price of Rs 890 a share.

The reverse book building route saw about 4.3 million shares being tendered by shareholders as against the minimum requirement of 4.07 million shares.

The company first offered Rs 338 per share for the buyback, which was later revised to Rs 375 as the share price rallied post the buyback announcement.

However, the discovered price in the tendering process through a reverse book-building route came in at Rs 890 a share.

According to stock exchange filing, the promoters/members of the promoter group shareholding comprised 1,54,66,650 shares which amounted to 70.44 per cent of the total issued capital and 71.25 per cent of the remaining shares.

In accordance with the revised Sebi norms on buyback, the promoters now have the option to reject the discovered price or present a counter offer, the statement said.

The number of shares successfully bid at or below the discovered price were 40,73,075, which amounted to 18.55 per cent of the total issued capital and 18.76 per cent of the remaining shares.

As the post delisting-offer shareholding of the acquirer, along with the other promoter and promoter group members, stands at 90.02 per cent of total issued shares (excluding shares transferred to the investor education and protection fund's account and inactive shareholder as provided under the delisting regulations), the delisting offer is deemed successful in terms of regulation 21 of the delisting regulations, if the discovered price of Rs 890 per share is accepted by the acquirer.

If the discovered price is accepted, then payment will be made to all the successful bidders in accordance with regulation 24 and other Sebi provisions, and the settlement calendar of clearing corporations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)