Shreyas Shipping and Logistics has failed in its attempt to delist from exchanges as the counter-offer made by the promoters’ entity, Transworld Holdings, failed to attract 90 per cent of the outstanding shares.
Transworld Holdings had made a counteroffer to Shreyas Shipping’s public shareholders to acquire their shares at ₹400 a piece. The counteroffer was made after the discovered price arrived through the reverse book-building process, which was ₹890 a share.
Minimum acceptance
As per the minimum acceptance conditions for the delisting offer, the cumulative number of shares held by promoters along with those acquired via the delisting process should be over 90 per cent of the total paid-up equity share capital of the company.
In an exchange filing, the company revealed that promoters managed to repurchase 36.04 lakh shares via 2,724 successful bids through the reverse book-building process at the counteroffer price.
Post-counteroffer, the promoter and promoter group entities managed to acquire only an 87.86 per cent stake in the company, which fell short of the mandatory 90 per cent requirement.
The counteroffer had opened between October 11 and 17. The initial plan was to purchase up to 64.9 lakh equity shares, or 29.56 per cent of the total issued equity share capital of the company, held by the public shareholders. Promoters of the company own a 70.44 per cent stake.
“As the post-counter offer shareholding of the acquirer, along with that of the other promoters and promoter group members, does not exceed 90 per cent of the total issued number of equity shares, the counter offer is considered to have failed in terms of the delisting regulations,” the exchange filing said.
Shares of Shreyas Shipping ended 1 per cent lower on Tuesday and have declined over 10 per cent during the last five trading sessions. In fact, the stock has declined in 11 of the last 13 trading sessions.
Shares of the company were down 9 per cent to ₹308 on Wednesday. In fact, it has fallen in 11 out of the last 13 trading sessions.