Elpro International delisting sets Rs 181.80 exit window

Elpro International Limited will be delisted from BSE on November 25, 2026, with residual public shareholders able to tender shares at Rs 181.80 each from that date until November 24, 2027. BSE will discontinue trading in Elpro International shares from November 17, 2026, eight calendar days before the formal delisting takes effect.

When will Elpro International be delisted from BSE?

Elpro International will be delisted from BSE with effect from Wednesday, November 25, 2026. BSE communicated final approval in notice number 20261109-20 dated November 9, 2026, for scrip code 504000. The exit offer states that BSE was the only stock exchange on which Elpro International equity shares were listed.

Trading will be discontinued from Tuesday, November 17, 2026, before the November 25 removal from the exchange. Elpro International applied to BSE for final delisting approval on August 14, 2026, after the voluntary delisting offer closed. The announcement therefore separates the cessation of trading on November 17 from the legal delisting date of November 25.

The difference between the two November dates is material for shareholders who still hold shares. BSE trading ends on November 17, but the one-year exit facility begins on November 25, the formal delisting date. The announcement does not provide an alternative BSE trading mechanism after November 17.

The process began with an initial public announcement issued on May 1, 2026, followed by a detailed public announcement published on July 27, 2026. The letter of offer, including bid forms, was dispatched on or before July 27, and the post-offer public announcement dated August 11, 2026 was published on August 12, 2026. The November 12 exit offer says other terms in those documents remain unchanged.

What price can Elpro International residual shareholders receive?

Elpro International residual public shareholders can tender their equity shares at a fixed delisting price of Rs 181.80 per share. The shares have a face value of Rs 1 each, but the exit consideration is Rs 181.80 for every share validly tendered under the exit letter of offer.

Eligible shareholders are those who did not participate in the fixed-price delisting process, could not participate, or unsuccessfully tendered shares in that process and still hold shares. The announcement does not disclose the number of residual shareholders, the number of outstanding public shares, or the total potential payment by the acquirers.

The acquirers are I G E (India) Private Limited and Zenox Technology Services Private Limited, formerly Zenox Trading and Manufacturing Private Limited. They are part of Elpro International’s promoter group and are acting with Surbhit Dabriwala and Yamini Dabriwala as persons acting in concert.

The fixed-price facility is described as operating under Regulation 26 of the Securities and Exchange Board of India Delisting Regulations, 2021, as amended. The acquirers must protect the rights of residual public shareholders and comply with Regulation 27, while BSE is to monitor compliance. The announcement does not set out a revised price or a price comparison with prior market trading.

How long is Elpro International’s exit window open?

Elpro International’s exit window is open from Wednesday, November 25, 2026 to Wednesday, November 24, 2027, with both dates included. Residual public shareholders may tender at Rs 181.80 per share during this one-year period, subject to the terms and conditions in the exit letter of offer.

The deadline is later than the November 17, 2026 discontinuance of BSE trading. Shareholders who missed the original fixed-price process will no longer have BSE trading after November 17, but can use the separate exit mechanism from November 25. The announcement does not disclose an extension mechanism or another tender price after November 24, 2027.

The acquirers will dispatch the exit letter of offer and application form to residual public shareholders whose names appear in Elpro International’s register of members on November 17, 2026. That date also marks the discontinuance of BSE trading, linking the dispatch group to the shareholder register on the final trading-stop date.

A shareholder who does not receive or misplaces the document can request it from MUFG Intime India Private Limited, formerly Link Intime India Private Limited, the registrar to the delisting offer. A soft copy can also be downloaded from Elpro International’s website. Requests by post are to be marked “ELPRO INTERNATIONAL LIMITED DELISTING - EXIT LETTER OF OFFER.”

When will Elpro International pay tendering shareholders?

Elpro International’s acquirers will make payment monthly, within 10 working days from the end of the calendar month in which shares are validly tendered. Payment remains subject to the conditions in the exit letter of offer and to shareholders following the tender instructions.

The first monthly payment cycle is to start within 10 working days from the end of the current calendar month, according to the November 12, 2026 announcement. This creates a settlement process based on the month of a valid tender rather than a single payment date for all residual shareholders. The acquirers reserve the right to make payment earlier.

The announcement says payment will only be made to shareholders who validly tender shares. It does not specify documentary requirements, a cash-outlay limit, or a maximum number of shares that may be tendered during the one-year period. Those operational conditions are contained in the exit letter of offer.

For process queries, shareholders can contact Motilal Oswal Investment Advisors Limited, manager to the delisting offer, at +91 22 7193 4380, or MUFG Intime India, the registrar, at +91 810 811 4949. The acquirers said they will make a public announcement if information in the exit offer or exit letter of offer changes.

Conclusion

Elpro International’s BSE exit has a defined two-stage timetable: trading stops on November 17, 2026 and delisting takes effect on November 25, 2026. Residual shareholders retain a separate route to sell shares to the acquirers at Rs 181.80 each for one year, rather than through exchange trading.

The next dates to watch are November 17, 2026, when the shareholder register determines dispatch of the exit letter of offer, and November 24, 2027, when the exit window closes. Shareholders using the facility will need to follow the exit letter’s conditions, while payment is scheduled within 10 working days after the end of the month of a valid tender.