Shreeji Shipping Global Ltd

Issue Overview

• IPO of equity shares; equity securities.
• Total issue size and net proceeds revised downward due to lower issue expenses.
• Objectives: vessel acquisitions, pre-payment of borrowings, and general corporate purposes.

Utilisation of Proceeds

• Utilisation aligned with offer document disclosures per management undertakings and auditor certificates.
• Deviation: no material deviations reported; vessel acquisition delayed due to geopolitical factors.
• Idle funds: unutilised proceeds held in fixed deposits and a monitoring account.
• Vessel acquisition: Nil utilisation to date; carry-forward permitted per prospectus.
• Pre-payment of borrowings: Fully utilised in earlier quarters; no unutilised balance.
• GCP: partially utilised; small amount in current quarter; board approved allocation.
• Unutilised funds deployed: deposits and monitoring account; note public issue account hold.
• Small pending balance in public issue account due to GST-related bank hold.

Governance and Compliance

• Approvals: management undertakings and statutory auditor certificates obtained; no material approvals pending.
• Material events: vessel purchase delays due to geopolitics; GST-related bank hold affecting funds.
• Interest income on unutilised funds not within monitoring scope.
• GST-related bank hold caused funds pending in public issue account.

General Corporate Purpose (GCP)

• GCP usage: small amount utilised for vendor payments; board approval obtained.
• GCP scope includes day-to-day expenses and potential investments as approved by the board.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.
• Limited Review Report issued by statutory auditor.

Auditors appointed

• Internal Auditor appointed: Manoj Pandya and Associates for FY 2026-27.
• Cost Auditor appointed: Mitesh Suvagiya & Co. for FY 2026-27.

Regulatory and legal disclosures

• Admiralty suit filed in Gujarat High Court; potential damages up to Rs 6,289.27 million.
• Original claim Rs 1,182.09 million; current claim sub-judice.
• Vessel arrest order by Gujarat High Court; security deposits Rs 471.55 million.
• Corporate guarantee reduced by Rs 490 million; further Rs 1,250 million reduction post-reporting.
• Unutilised IPO proceeds as at 30 June 2026 invested in deposits.
• Outstanding trade receivable USD 1.03 million as of 30 June 2026; recovery pending litigation.
• Geopolitical and fuel-price dynamics monitored; no immediate impact disclosed.

Dematerialisation/Rematerialisation status

• No dematerialisation/rematerialisation requests were received during the quarter ended 30 June 2026.
• RTA confirms Regulation 74(5) is not applicable to rematerialisation requests for the quarter.

Nature of Restructuring

• Incorporation of a new subsidiary company.

Entities Involved

• Shreeji Shipping Global Limited is the parent company.
• New subsidiary: Shreeji Tisha Maritime Private Limited.

Key Transaction Details

• Shreeji Tisha Maritime Private Limited incorporated on March 25, 2026.
• Subsidiary engaged in shipping cargo agents and shipbuilding activities.
• Initial share capital of Rs. 1,00,000 with 10,000 equity shares of Rs. 10 each.
• Shreeji Shipping Global Limited subscribed 5,100 shares (51%) via cash consideration.

Financial Impact

• New subsidiary has no turnover as it is newly incorporated.
• Initial investment represents 51% ownership by the parent company.

Rationale and Strategic Objectives

• Subsidiary incorporation aligns with growth strategy to expand business operations.
• Expected to create new growth avenues in shipping and shipbuilding sectors.

Related Party and Shareholder Impact

• Subsidiary is a related party to the parent company.
• Transaction is a related party transaction conducted at arm’s length.

Approvals and Timeline

• No governmental or regulatory approvals required.
• Incorporation completed; share subscription to be paid within statutory timeline.