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Shreyas Shipping delisting fails

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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% of the outstanding shares. Transworld had made a counteroffer to Shreyas Shipping's public shareholders to acquire their shares at INR 400 a piece. However, the discovered price arrived through the reverse book-building process was INR 890 a share. 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% of the total paid-up equity share capital of the company. Post-counteroffer, the promoter and promoter group entities have managed to acquire only 87.86 % stake in the company.