Shreyas Shipping’s delisting attempt has failed, as the promoter, Transworld Holdings, fell short of securing the minimum 90% shareholding required to complete the process.
Transworld Holdings, which held a 71.25% stake in the company, offered to repurchase shares at ₹400 each, but only 16.61% of shares were tendered, leaving a shortfall of 2.14 percentage points.
Shares of Shreyas Shipping fell 8.7% on Wednesday to close at ₹308.30 on the BSE. The stock has declined about 18% in the past one week.
Last month, about 4.30 million shares were tendered under an earlier repurchase proposal, surpassing the minimum requirement of 4.08 million shares required to reach the 90% threshold.
However, the promoter rejected the price of ₹890 per share discovered through the reverse -book-building process and proposed a counteroffer of ₹400 per share in accordance with updated regulations.
The counteroffer, which commenced on October 11, concluded on October 17.
In a filing with stock exchanges, the company reported that the promoters could repurchase just over 3.60 million shares against its offer to buy back up to 6.49 million shares.
Transworld Holdings had initially offered to acquire the shares from public shareholders in May at an indicative price of ₹338. The indicative price was revised to ₹375 last month. The floor price determined as per delisting regulations was ₹292 per share.
Shreyas Shipping operates in the coastal shipping sector and is engaged in owning and operating container feeders.
Promoter Transworld Group said the delisting of Shreyas Shipping would enable the members of the group to obtain full ownership of the company, which in turn would provide enhanced operational flexibility.
The proposed delisting, the promoter believes, will also result in a reduction in compliance costs.