Transworld to delist Shreyas Shipping unit from NSE, BSE

Transworld to delist Shreyas Shipping unit from NSE, BSE

Shreyas Shipping & Logistics Ltd. Photo: Twitter/@TransworldTweet

Transworld Holdings Ltd. (THL), has announced to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics Ltd. (SSL) as per Securities and Exchange Board of India (SEBI) delisting norms from NSE and BSE on which SSL’s equity shares are listed.

 SSL is into coastal shipping sector and is engaged in owning and operating container feeders. 

The Transworld Group believes that the delisting of SSL would enable the members of the Group to obtain full ownership of SSL which, in turn, will provide enhanced operational flexibility. 

As SSL will no longer remain listed in India, there will be reduction in dedicated management time to comply with the requirements associated with continued listing of equity shares, which can be refocused on its business, the company said in a statement/ 

The proposed delisting of SSL will result in reduction of the ongoing substantial compliance costs which includes the costs associated with listing of equity shares such as annual listing fee and fees payable to share transfer agents, expenses towards shareholders’ servicing and such other expenses required to be incurred as per the applicable securities law. The price will be determined through the reverse book building mechanism set out in the Delisting Regulations. 

Currently, THL along with its affiliates holds 1,54,66,650 equity shares aggregating to 70.44% of the paid-up equity share capital of SSL. 

 Sivaswamy Ramakrishnan, Chairman, Transworld Group said, “Transworld Group continues it’s efforts to simplify the group structure. This proposed transaction is fully aligned with the robust strategy pursued over the years. It will transform the Group’s credit profile while offering a fair exit price to minority shareholders.”

“Provided it can be completed at a price that balances the needs of all stakeholders, it has the potential to fundamentally reposition our business for the future,” he added. 

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