Shreyas Shipping delisting: Promoters make new offer at Rs 400

Public shareholders tendered around 4.3 million shares, surpassing the minimum requirement of 4.07 million shares at a discovered price of Rs 890 a share.According to stock exchange filings, promoters and members of the promoter group shareholding stood at 70.44 per cent of the total issued capital and 71.25 per cent of the remaining shares.

Transworld Holdings, the promoters of Shreyas Shipping, on Friday made a counter offer at Rs 400 per share, which is almost 60 per cent lower than the tender price of Rs 890.

The company had first offered a buyback price of Rs 338 early this month which was later revised upwards of Rs 375 a share. But as the buyback offer closed on Thursday, the average discovered price was 890 a share. Following this the promoters had indicated that it would reject the price and offer a counteroffer price.

In a statement on Friday, the company said according to the delisting regulations of the Sebi, the counter-offer price of Rs 400 a share is still above the book value of Rs 373.48 as of June 30, 2023.

The promoters had said that they got more than 90 per cent of shareholders tendering their holdings in the company but at a much higher price of Rs 890. Public shareholders tendered around 4.3 million shares, surpassing the minimum requirement of 4.07 million shares at a discovered price of Rs 890 a share.

According to stock exchange filings, promoters and members of the promoter group shareholding stood at 70.44 per cent of the total issued capital and 71.25 per cent of the remaining shares.

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