Shreyas Shipping & Logistics has galloped 20% to Rs 32.90 after the board of directors of the company decided to segregate the business of shipping and logistics.

“The board of directors of the company at its meeting held on February 02, 2012, has decided to segregate the business of shipping and logistics. This will be done by initiating the process of demerger of the two companies," the company said in a filing to the stock exchanges.

The decision to demerge is in order to enable its wholly owned subsidiary Shreyas Relay Systems Limited grow as an independent logistics company, it added.

As many as a combined 49,875 shares have already changed hands on the counter so far, against an average less than 10,000 shares that were traded daily in past two weeks on both the exchanges.