Shreyas Shipping, which had closed yesterday at Rs.89.65, opened today at Rs.90.05 and soon soared to hit the 5% UC of the day at Rs.94.10, where it now remains locked.
The stock zoomed up after the company announced today morning that it has approved sale of its business to Unifeeder ISC FZCO.
Shreyas is selling its containerized domestic coastal and Exim feeder shipping business, excluding vessels and bulk operations, for a gross cash consideration at $19 million.
This apart, Shreyas is also selling its entire stake of 29.22% in Avana Logistek for a gross cash consideration at almost $ 9million.
The Company will utilise the proceeds from the transaction, towards reducing its debt as well as for acquisition of new vessels.