Shreyas Shipping share price locked at upper circuit on sale of businesses

Shreyas Shipping share price was locked at upper circuit on August 19 after the company approved the sale of its businesses to Unifeeder ISC FZCO.

The company would sell to Unifeeder its containerized domestic coastal and Exim feeder shipping business for a gross cash consideration of $19 million, subject to adjustments on account of debt, cash and working capital post the closing.

The company would also sale its entire stake of 29.22 percent in Avana Logistek Limited (ALL) to Unifeeder for a gross cash consideration of USD 8.766 million.

Transworld Holdings Limited, Mauritius, the majority shareholder in ALL, would also sell its holding of 70.78 percent in ALL to Unifeeder.