Shares of Shreyas Shipping and Logistics plummeted 20% to the ground on 29 September after promoter Transworld Holdings Ltd rejected the discovered price for the delisting process and made an offer that was much below the market price.

Against the discovered price of Rs 890 per share, Transworld Holdings Ltd proposed a counter-offer of Rs 400, which is at a 16% discount to the 28 September closing price of Rs 473.83.

The promoter Transworld Holdings Ltd, in its regulatory filing, said THL has decided to reject the discovered price and make a counter-offer at a price of Rs 400.00. As per SEBI Delisting Regulations, the counter-offer price provided by THL is above the book value of the company as of 30 June 2023, i.e. Rs 373.48.”

Over 90% of the total issued capital was tendered, the minimum tender condition that makes the reverse book-building process a success.

The shareholders tendered 4.3 million shares, whereas the minimum requirement was 4.07 million shares.

Moreover, the discovered price arrived through reverse book building at Rs 890 per share, which Transworld Holdings Ltd rejected.

The company is in the coastal shipping sector and owns along with chartering containers and bulk vessels.

At 2:38 pm, the shares of Shreyas Shipping were trading at Rs 387.55 or 18.21% below its previous close of Rs 473.85 on NSE.