Shreyas Shipping & Logistics Ltd. Photo: Twitter/@TransworldTweet
Transworld Holdings Ltd. (THL), has introduced to voluntarily delist the fairness 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 fairness shares are listed.
SSL is into coastal transport sector and is engaged in proudly owning and working container feeders.
The Transworld Group believes that the delisting of SSL would allow the members of the Group to acquire full possession of SSL which, in flip, will present enhanced operational flexibility.
As SSL will now not stay listed in India, there might be discount in devoted administration time to adjust to the necessities related to continued itemizing of fairness shares, which could be refocused on its enterprise, the corporate mentioned in an announcement/
The proposed delisting of SSL will lead to discount of the continuing substantial compliance prices which incorporates the prices related to itemizing of fairness shares akin to annual itemizing charge and charges payable to share switch brokers, bills in direction of shareholders’ servicing and such different bills required to be incurred as per the relevant securities legislation. The worth might be decided by means of the reverse guide constructing mechanism set out within the Delisting Regulations.
Currently, THL together with its associates holds 1,54,66,650 fairness shares aggregating to 70.44% of the paid-up fairness share capital of SSL.
Sivaswamy Ramakrishnan, Chairman, Transworld Group mentioned, “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.
