Transworld Holdings offers Rs 338/share

Mumbai: Transworld Holdings, which runs Shreyas Shipping & Logistics, on Friday said it is taking the shipping line private and offered to buy back shares at Rs 338 per share.

Shreyas Shipping said it has received an in-principle approval for the proposed delisting from the BSE and NSE on September 7. While the floor price for the same is determined at Rs 292, the parent has offered a premium and an indicative price of Rs 338 a share, the company said in a statement.

On May 21, Transworld Holdings announced its intention to voluntarily delist the equity shares of its Indian subsidiary -- Shreyas Shipping. Shreyas Shipping is a leading player in the coastal shipping sector and is engaged in owning and chartering container and bulk vessels.

Currently, Transworld along with its affiliates hold 70.44 per cent in Shreyas and for the delisting to be successful, it has to increase holding to at least 90 per cent. The move is part of simplifying the structure of the group which will help transform credit profile while offering a fair exit price to minority shareholders, Transworld Group chairman Sivaswamy Ramakrishnan said.