MUMBAI: Shreyas Shipping and Logistics Limited, (Shreyas) a leading Mumbai based shipping and logistics service provider, part of Transworld Group at its Board Meeting accorded its approval to Shreyas Relay Systems Limited (wholly owned subsidiary of the Company) to acquire 99.99% stake in Balaji Shipping Lines FZCO, Dubai (BSL Dubai) from Transworld Holding Limited, Mauritius (TWH).
The consideration will be discharged by SRSL by issuing its own equity shares to TWH.
This transaction would enable SRS to serve beyond Indian boundaries by synergizing with BSL Dubai and expanding in international liner operations. It would also provide global presence to SRSL and in turn to Shreyas. BSL is one of the leading regional liner operators and has own presence in UAE, Saudi Arabia, Oman and UK through its subsidiaries. It has a network of agents in 17 countries.
All these benefits would result in enhancement of shareholder value of SRSL as well as Shreyas being parent of SRSL.
Pursuant to the Proposed Transaction, the shareholding of Shreyas in SRSL shall be reduced to less than 50%. However, it is imperative to note that Shreyas would be a part of a very large company with a larger revenue, asset and profit base.