Shreyas Shipping and Logistics’ subsidiary to acquire 99.99 per cent in Balaji Shipping Lines

Shreyas Shipping and Logistics Limited (SSL) has accorded approval to its wholly owned subsidiary, Shreyas Relay Systems Limited (SRSL), to acquire a 99.99 per cent stake in Balaji Shipping Lines FZCO, Dubai. The approval was granted on March 9, 2017 for the acquisition of the stake via an issue of equity shares (for a consideration other than cash or cash equivalent). SRSL will issue fully paid-up equity shares to Transworld Holdings Limited, Mauritius. Consequent to the issue, SSL will hold less than 50 per cent of the shareholding in SRSL.