Shreyas Shipping opens delisting bid at Rs 400 a share, to close on Oct 17

Shreyas Shipping on Wednesday resumed its delisting offer at a counter offer price of Rs 400 per share and the offer will close on October 17.

This is the second attempt at delisting after the company's shareholders had tendered shares at a price of Rs 890 per share as against the revised offer of Rs 375 apiece. The revised price was higher compared to the original price of Rs 338 per share announced early last month.

Subsequently, the tendering was cancelled and the company decided to make a counter offer.

As part of the delisting process, the counter offer bidding period for public shareholders of Shreyas Shipping at Rs 400 per share will start from October 11 and close on October 17, the parent company Transworld Holdings said in a note.

The share price of the company was Rs 262 per share on May 19 (pre-delisting announcement) and the counter offer price is at a 52.7 per cent premium to the pre-announcement price.

On a 60-day weighted average price, the floor price was Rs 292 and hence the counter offer price is at 37 percent premium to the floor price, the company said.

The counter offer price is at a 6.7 per cent premium to the closing price of Rs 374.25 on October 10, it added.

Transworld announced its intention to voluntarily delist Shreyas Shipping on May 21 this year.

Currently, Transworld along with its affiliates holds 70.44 per cent stake in Shreyas.