Shreyas Shipping completes delisting process, promoters obtain over 90% shares in reverse book building process

Shreyas Shipping delisting: Shreyas Shipping & Logistics Ltd successfully completed the book building procedure to delist itself from the bourses. Even with the majority of shareholders being retail stockholders, the building promoters in this reverse book were able to obtain more than 90% of the shares. In excess of the necessary minimum of 4.07 million shares, about 4.3 million shares were tendered by the shareholders.

The promoter of Shreyas Shipping, Transworld Holdings (THL), made an offer to buy public shareholders’ shares of the company for an indicated revised price of Rs. 375.

The promoter and members of the promoter group held 1,54,66,650 shares, or 70.44% of the total issued capital and 71.25% of the outstanding shares, according to exchange filings.

The price that was discovered via the reverse book-building procedure is Rs. 890.0. Promoters or potential buyers can now choose whether to accept the discovered price or make a counter offer under the updated SEBI regulations.

There were 40,73,075 equity shares successfully bid at or below the discovered price, or 18.55% of the total issued capital and 18.76% of the remaining shares.

According to a news report from Financial Express, promoter Transworld Holdings Ltd announced its intention to buy Shreyas Shipping & Logistics shares from investors at a revised indicative price of ₹375 per equity share. On September 7, 2023, Transworld Holdings Ltd. received preliminary clearance for its proposed delisting from the BSE and NSE.

NovaaOne Capital Pvt Ltd, a merchant banker registered with SEBI is serving as the offer’s manager to Transworld Holdings Ltd in connection with the delisting procedure. In relation to the Offer, JSA Advocates & Solicitors are serving as legal counsel.

Marco Cables IPO GMP today
Marco Cables IPO GMP today or grey market premium is +6. This indicates Marco Cables share price were trading at a premium of ₹6 in the grey market on Thursday.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Marco Cables share price was indicated at ₹42 apiece, which is 16.67% higher than the IPO price of ₹36.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Source: Livemint