Transworld Holdings, the promoter of Shreyas Shipping has made a counter-offer at ₹400 a share as part of the delisting process.
As per SEBI Delisting Regulations, the counter-offer price provided by THL is above the book value at ₹373.48 the company as on June-end.
Shares of the company was down 18 per cent at ₹388 on Friday.
The discovered price as per reverse book building process was ₹890. The number of equity shares successfully bid at or below discovered price were 40,73,075 which amounted to 18.55 per cent of the total issued capital.
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As per SEBI norms, promoters or acquirers have the option to reject the discovered price or present a counter offer.
Shreyas Shipping & Logistics had successfully completed the book building process for delisting the company from the stock exchanges.
The bidding in reverse book building process was on between September 20-26. The promoters were able to achieve more than 90 per cent of shareholding even after having majority of shareholders being retail shareholders.
About 4.3 million shares were tendered by the shareholders surpassing the minimum requirement of 4.07 million shares.
THL, had previously offered to acquire the shares of the company from public shareholders at an indicative revised price of ₹375. The floor price determined as per Delisting Regulations was ₹292.
NovaaOne Capital Pvt. Ltd., a SEBI-registered Merchant Banker, is acting as the Manager to the Offer to Transworld Holdings Limited on the delisting process. JSA Advocates & Solicitors are acting as legal advisors in connection with the Offer.
According to stock exchange filing, promoter group shareholding was 1,54,66,650 shares accounting to 70.44 per cent of issued capital.
THL had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics on May 21.
THL obtained in-principle approval for the proposed delisting from BSE and NSE on September 7.