Shreyas Shipping book-building for delisting complete

29 Sep 2023 CW Team

Shreyas Shipping, a prominent player in the shipping industry, witnessed a remarkable upswing of 20% in its shares on Tuesday, following the successful culmination of the book-building process for the company's delisting from stock exchanges. Shareholders demonstrated keen interest in the delisting offer, with approximately 4.3 million shares tendered, surpassing the minimum requirement of 4.07 million shares.

Transworld Holdings (THL), the entity that serves as the promoter of Shreyas Shipping, initially announced its intention to acquire shares from public shareholders in May at an indicative price of $338. Subsequently, this indicative price was revised to $375 earlier this month. Delisting regulations stipulated a floor price of $292 per share.

However, the outcome of the book-building process exceeded expectations, with the cut-off price reaching a substantial level exceeding $800 per share. In accordance with the recently revised norms laid out by the Securities and Exchange Board of India (Sebi), promoters or acquirers are now afforded the option to present a counteroffer if they succeed in acquiring 90% of the equity capital of the company post-offer.

At the onset of the delisting process, promoters held a 70.43% stake in Shreyas Shipping and aimed to secure 4.07 million shares through the reverse book-building method to attain the desired 90% ownership.

The surge in share prices and robust participation in the delisting process reflect the evolving dynamics of India's financial markets and the response of investors to strategic moves within the corporate landscape.

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