Elpro International delisting: key steps in 2026

Voluntary delisting plan moves into execution

Elpro International Limited has moved ahead with a promoter-led voluntary delisting proposal that, if completed, would take the company’s equity shares off BSE Limited. The company disclosed that it received an Initial Public Announcement dated May 1, 2026. The announcement was issued by Motilal Oswal Investment Advisors Limited, acting as the Manager to the offer, and it expressed the acquirers’ intention to delist the company’s equity shares.

The delisting proposal is structured as an acquisition of shares held by public shareholders, followed by delisting from the exchange. The company has positioned the proposal as a corporate restructuring step, with the promoter group aiming to acquire full ownership. The process is to be carried out under the SEBI (Delisting of Equity Shares) Regulations, 2021.

Who the acquirers are and what they want to buy

The acquiring promoter entities named in the disclosures include IGE (India) Private Limited and Zenox Technology Services Private Limited, supported by promoter individuals including Mr. Surbhit Dabriwala and Mrs. Yamini Dabriwala. The stated intent is to acquire the public shareholding and proceed with delisting.

Public shareholding is stated at 25.00% of paid-up equity capital. The proposal targets 4,23,70,160 equity shares held by public shareholders. The face value of each equity share is ₹1.

The company’s total paid-up equity share capital is stated as ₹16.95 crore, divided into 16,94,79,130 equity shares. Based on the shareholding split disclosed, the promoter group holds 75.00% and the public holds 25.00%.

Mandatory due diligence: company secretary appointment

On May 2, 2026, Elpro International appointed M/s. Janmejay Singh Rajput & Associates as Practicing Company Secretary to conduct mandatory due diligence under the SEBI Delisting Regulations. The firm’s Certificate of Practice number is disclosed as 15012, and the company noted that a valid peer reviewed certificate is in place.

This step is part of the regulatory process that requires independent due diligence and reporting before a delisting can proceed through approvals and offer stages. The due diligence output is expected to feed into regulatory submissions and the overall compliance trail for the proposal.

Pricing mechanism: floor price and fixed price awaited

Elpro International has said the acquisition will be executed through a fixed price process as permitted under the Delisting Regulations. The final delisting price is linked to two regulatory references: the floor price determination under Regulation 19A and the fixed delisting price under Regulation 20A of the SEBI Delisting Regulations, 2021.

However, the company has also clarified that the specific floor price and fixed delisting price will be communicated separately in due course. Until those figures are announced, public shareholders do not have the final price level at which shares may be acquired under the offer.

Approvals and conditions that must be met

The company has outlined a structured process with multiple checkpoints and stated conditions for completion. Board approval is required in accordance with Regulation 10 of the Delisting Regulations. The proposal also needs shareholder approval through a special resolution, with a specific voting threshold disclosed for public shareholders.

Elpro International said the favourable votes by public shareholders must be at least two times the opposing votes. In addition, the process requires completion of due diligence by a peer reviewed company secretary, stock exchange approvals, and statutory or regulatory clearances. The proposal also hinges on sufficient tender of equity shares for the delisting to succeed.

Funding arrangements and process stages

The acquirers have confirmed firm financial arrangements to meet payment obligations under the delisting proposal. The company also said the acquirers have demonstrated capability to implement the proposal, subject to receiving the necessary approvals.

As per the stated regulatory framework, the process is expected to move through detailed public announcement and letter of offer stages. The company also referenced that this is not its first delisting-related action, noting a prior voluntary delisting attempt from The Calcutta Stock Exchange (CSE) in September 2025.

Board meeting and trading window updates

Separately, the disclosures also referenced governance actions around financial results. Elpro International indicated that the board meeting was scheduled on April 28, 2026 to consider and approve audited financial results (standalone and consolidated) for the quarter and financial year ended March 31, 2026, along with audit reports.

The company also announced a trading window closure in line with a BSE circular and its internal code for insider trading compliance. The trading window was stated to remain closed from the start of trading hours of April 1, 2026, and to reopen after 48 hours of the announcement of the audited financial results for the period ended March 31, 2026.

Market data points cited alongside the update

The delisting-related text included specific trading metrics as disclosed. The stock was stated to be operating within a circuit range of ₹70.43 to ₹105.63. It also mentioned value of ₹0.17 crore and a delivery percentage of 89.51% for the day.

A separate price update in the text cited the stock last traded at ₹92.01, compared with a previous close of ₹92.36, indicating a -0.37% move.

IEPFA-backed “Saksham Niveshak” campaign for unclaimed dividends

Alongside delisting, Elpro International also published a newspaper advertisement on April 30, 2026, disclosing the second “100 days Campaign - Saksham Niveshak”. The company said the disclosure was made to BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The campaign period is stated as April 1, 2026 to July 9, 2026, spanning 100 days. The primary goal is to reach shareholders with unpaid or unclaimed dividends, and a secondary goal is to encourage KYC updates and entitlement claims.

The company provided multiple submission channels, including physical post to MUFG Intime India Private Limited, email submission using registered email IDs (to investor.helpdesk@in.mps.mufg.com or ir@elpro.co.in), and uploads via the SWAYAM portal at swayam.in.mps.mufg.com. For assistance, the company directed shareholders to ir@elpro.co.in, and noted the disclosure was signed by Rushabh Ajmera, Company Secretary.

Key facts at a glance

What shareholders typically track next

Based on the steps listed in the disclosures, the key upcoming checkpoints are board approval, the special resolution vote with the stated public shareholder threshold, and completion of the mandatory due diligence. Shareholders also typically watch for the separate communication of the floor price and fixed delisting price, since those will define the economics of any exit.

The delisting outcome also depends on sufficient tendering of shares by public shareholders during the tender period, along with stock exchange and other statutory clearances. The company has indicated that further details will be provided through the required public announcement and letter of offer stages.

Conclusion

Elpro International’s promoter-led voluntary delisting proposal, disclosed through an Initial Public Announcement dated May 1, 2026, is now moving through the SEBI (Delisting of Equity Shares) Regulations, 2021 framework. The appointment of a peer-reviewed Practicing Company Secretary on May 2, 2026 places the process into a compliance-driven phase, while key pricing disclosures are still pending.

In parallel, the company has highlighted the IEPFA-linked “Saksham Niveshak” campaign running from April 1 to July 9, 2026, urging shareholders with unclaimed dividends to complete KYC and submit claims through the provided channels.