Elpro International Delisting Offer: ₹181.80 Price, Aug 2026

What has been announced

Elpro International Limited’s promoter group has initiated a voluntary delisting offer to acquire the entire public shareholding of the company at a fixed price of ₹181.80 per equity share. The offer is being made by IGE (India) Private Limited and Zenox Technology Services Private Limited, both members of the promoter group. The delisting price of ₹181.80 carries a 15% premium over the floor price of ₹158.07 determined under the SEBI (Delisting of Equity Shares) Regulations, 2021.

The offer targets 4,23,70,160 equity shares held by public shareholders. If the delisting succeeds, Elpro International’s equity shares will be delisted from BSE Limited. The process includes a defined tendering window and a minimum acceptance requirement that must be met for the delisting to be successful.

Key offer details and tendering window

Public shareholders can tender their shares through the Acquisition Window Facility provided by BSE Limited during normal trading hours. The tendering period runs from August 4, 2026 to August 10, 2026, with the closing on the closing date in IST.

The delisting offer is structured as a fixed-price offer at ₹181.80 per share, rather than a price discovery process. For investors, the central operational step is to tender shares during the window, after which the final outcome depends on acceptance levels and regulatory completion.

Regulatory clearances and exchange status

Elpro International’s delisting proposal has received in-principle approval from BSE Limited. The approval is dated July 24, 2026, and is granted under Regulation 12 of the SEBI Delisting Regulations, 2021. This is a key procedural milestone because the delisting cannot proceed to completion without stock exchange approvals.

The company has also outlined that the delisting remains subject to meeting conditions under the SEBI framework, including the minimum acceptance requirement. The sequence reflects a standard delisting pathway: board approval, shareholder approval, exchange in-principle clearance, and then the tendering window.

Shareholder vote and postal ballot outcome

Public shareholders approved the delisting through a postal ballot process that concluded on June 10, 2026. The company disclosed that votes in favour totalled 2,29,64,545, exceeding the two-thirds majority requirement under Regulation 11(4).

Separately, the approval was reported as 99.82% of votes polled in favour. The resolution also met the SEBI requirement that public shareholder votes in favour exceed those against by at least two times. This vote outcome enables the company to proceed with the next steps required under the delisting regulations.

Board decision and the origins of the proposal

The Elpro International board approved the voluntary delisting proposal at a meeting held on May 8, 2026. The proposal involved promoter group entities IGE (India) Private Limited and Zenox Technology Services Private Limited, along with persons acting in concert, Mr Surbhit Dabriwala and Mrs Yamini Dabriwala.

The floor price was fixed at ₹158.07 per equity share in accordance with SEBI Delisting Regulations, and the promoter group proposed the fixed delisting price of ₹181.80 per share. The company had indicated that the delisting would be pursued subject to shareholder approval, stock exchange approvals, and other regulatory clearances.

Independent Directors Committee formed for recommendations

As part of regulatory obligations, Elpro International has constituted a Committee of Independent Directors (IDC) to provide reasoned recommendations on the delisting offer. The formation of the IDC is aligned with Regulation 28(1) of the SEBI Delisting Regulations.

Under Regulation 28(4), the IDC’s recommendations, along with the voting pattern details, must be published at least two working days before the commencement of the tendering period. The company will publish this information in the same newspapers where the Detailed Public Announcement for the delisting offer will be issued. Copies are also to be sent to BSE Limited and the Manager to the Delisting Offer.

Who is running the process

Motilal Oswal Investment Advisors Limited is the Manager to the Delisting Offer. MUFG Inline India Private Limited has been appointed as the Registrar.

These roles matter operationally because the manager oversees the offer process and regulatory coordination, while the registrar supports shareholder-related processes including tendering and record handling.

Conditions for success, relisting restriction, and exit window

The delisting is conditional on meeting the minimum acceptance criteria under Regulation 21. Specifically, the cumulative shareholding of the acquirers and the promoter group must reach at least 90% of the equity share capital after the acquisition.

If the delisting succeeds, the equity shares will be delisted from BSE, and it has been stated that no application for relisting will be made for three years. For residual shareholders who do not tender their shares during the offer, an exit window of one year post-delisting will be available to sell their holdings to the acquirers at the fixed delisting price of ₹181.80 per share.

Market reaction cited around the board decision

Following the board’s approval of the voluntary delisting proposal, Elpro International’s share price was reported to have jumped 14.69% to ₹165.11. The proposed delisting price of ₹181.80 per share was presented against the floor price of ₹158.07 per share.

This movement reflects the market’s immediate response to the delisting announcement and the offered premium versus the regulatory floor price, as disclosed in the company’s communications.

Key facts at a glance

Independent Directors Committee (IDC) composition

Why the next disclosures matter

With the tendering window starting on August 4, 2026, a key near-term disclosure is the IDC’s reasoned recommendations and the voting pattern details. The company is required to make these public at least two working days before the tendering begins, and to share them with BSE and the manager to the offer.

From a process perspective, the delisting’s outcome will hinge on whether the minimum acceptance condition is met and whether the post-offer promoter group holding reaches the required 90% threshold. The next formal milestones are tied to the tendering period and the subsequent determination of whether the acceptance criteria under the SEBI Delisting Regulations have been satisfied.