Shreyas Shipping heads north as associate files for IPO

Shreyas Shipping & Logistics rose 4.02% to Rs 498.25 at 15:07 IST on BSE after the company announced that its associate company Avana Logistek has filed the Draft Red Herring Prospectus with Sebi.

The announcement was made after market hours on Friday, 15 June 2018.

Meanwhile, the S&P BSE Sensex was down 66.99 points, or 0.19% to 35,555.15.

On the BSE, 5227 shares were traded in the counter so far, compared with average daily volumes of 1445 shares in the past one quarter. The stock had hit a high of Rs 513.90 and a low of Rs 481 so far during the day.

Shreyas Shipping & Logistics announced that its associate company Avana Logistek has filed its draft red herring prospectus dated 15 June 2018 with the Securities and Exchange Board of India in order to undertake an initial public offering of its equity shares of face value of Rs 5 each. The issue consists of a fresh issue of the equity shares aggregating up to Rs 300 crore and an offer for sale of up to 43 lakh equity Shares by Transworld Holdings, Mauritius, a promoter of Avana.

Shreyas Shipping & Logistics reported a net profit of Rs 23.17 crore in Q4 March 2018, as compared with net loss of Rs 12.58 crore in Q4 March 2017. Net sales rose 65.15% to Rs 158.49 crore in Q4 March 2018 over Q4 March 2017.

Shreyas Shipping & Logistics, the Indian flagged vessel owning unit of Transworld Group, is a pioneer and market leader in domestic coastal container shipping covering all main ports and container terminals on the Indian coast.

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