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The counter-offer to Shreyas Shipping & Logistics Ltd’s shareholders to bid their shares as part of the delisting process closes on Tuesday. Shreyas Shipping’s promoter, Transworld Holdings, made the counteroffer at ₹400 per share, after the successful reverse book-building (acquiring over 90 per cent) for delisting in the reverse book-building process. However, as the discovered price via the reverse book-building was ₹890 as against the indicative price of ₹375, it made a counter-offer at ₹400.
As per SEBI Delisting Regulations, the counter-offer price provided by THL was above the book value of the company as of June-end, which was ₹373.48.
7 lakh shares tendered
The counter-offer, so far, has received 7.05 lakh shares, or 10.87 per cent.
The promoter group currently holds 70.44 per cent of the total issued capital and 71.25 per cent of the outstanding shares, according to exchange filings.
Shares of Shreyas Shipping are hovering around ₹337.5. The stock had climbed to a high of ₹506 during the reverse-book building process. The bidding in the reverse book-building process was on between September 20-26. About 43 lakh shares were tendered by the shareholders, surpassing the minimum requirement of 40.7 lakh shares.
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