Elpro International delisting succeeds at ₹181.80 in 2026

Delisting offer declared successful

Elpro International Limited has declared its voluntary delisting offer successful after the promoter and promoter group’s post-offer shareholding rose to 93.02%. The result meets the minimum acceptance condition under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021, which requires promoters to cross 90% shareholding for delisting to succeed. The company disclosed that the acquisition from public shareholders was executed at a fixed delisting price of ₹181.80 per equity share. With the threshold crossed, Elpro International will move to complete the final procedural steps to delist its equity shares from BSE Limited.

Who the acquirers were and how the offer was structured

The voluntary delisting was initiated by the promoter group through identified acquirers I G E (India) Private Limited and Zenox Technology Services Private Limited. The offer documents also named persons acting in concert (PACs) Mr. Surbhit Dabriwala and Mrs. Yamini Dabriwala. The stated objective was to acquire the public shareholding and delist the company’s equity shares from BSE Limited. In its disclosures, Elpro also clarified the roles of the intermediaries associated with the process, including the registrar and the manager to the offer.

Key terms: floor price, fixed price, and premium

Elpro International disclosed a floor price of ₹158.07 per equity share, calculated under the SEBI delisting framework. The fixed delisting price was set at ₹181.80 per share. The company stated that the fixed price represented a 15% premium over the floor price. The offer was structured as a fixed-price delisting, rather than a discovered price mechanism, and shareholders tendering shares during the window would receive the fixed consideration.

How many shares were targeted and how many were tendered

The delisting offer size was disclosed as 4,23,70,160 equity shares, representing 25.00% of the company’s paid-up equity share capital. Separately, the company also disclosed that the offer proposed by the identified acquirers sought to acquire 4,23,16,100 equity shares, representing 25.07% of the company’s paid-up equity capital. At the conclusion of the offer, public shareholders tendered 3,05,45,122 equity shares at ₹181.80 per share. Following the acquisition, the promoter and promoter group shareholding increased to 93.02% of the company’s equity capital.

Offer window and exchange mechanism

The tendering period for public shareholders ran from August 4, 2026 (Tuesday) to August 10, 2026 (Monday). The offer closed at the end of market hours on August 10, 2026. Public shareholders were able to tender shares through the Acquisition Window Facility provided by BSE Limited during normal trading hours. The company identified Elpro International Limited as the target company with BSE scrip code 504000.

Intermediaries and compliance framework

Elpro disclosed MUFG Intime India Private Limited (formerly Link Intime India Private Limited) as the registrar to the delisting offer. Motilal Oswal Investment Advisors Limited was named as manager to the delisting offer. The company also referred to the SEBI (Delisting of Equity Shares) Regulations, 2021, including the requirement that post-offer shareholding of acquirers along with other promoter and promoter group must exceed 90% of the total issued equity shares, subject to exclusions under Regulation 21(a). The company’s filing stated that the delisting offer was successful because this post-offer shareholding condition was met.

Independent directors’ recommendation

Before the tendering window opened, Elpro’s Committee of Independent Directors (IDC) unanimously recommended that public shareholders accept the voluntary delisting offer at ₹181.80 per equity share. The company’s disclosures highlighted the 15% premium of the fixed delisting price over the floor price. The recommendation and disclosed pricing were part of the information available to public shareholders while deciding whether to tender.

What changes after a successful delisting

With the offer declared successful, Elpro International will proceed with final delisting steps from BSE Limited. The company stated that shareholders who tendered shares will receive payment at the fixed price. Once the process is completed, Elpro International will cease to be a publicly traded company on the BSE. The company also disclosed that it had already been voluntarily delisted from the Calcutta Stock Exchange (CSE) effective July 10, 2026.

Key facts at a glance

Timeline of the delisting process

Other disclosure alongside the delisting updates

Separately, Elpro International disclosed the acquisition of 2,44,383 equity shares of Greaves Cotton Limited for a total cash consideration of ₹5.00 crore. This disclosure was reported alongside the company’s delisting-related updates. The delisting disclosures, however, remained focused on the promoter-led acquisition of public shareholding and the subsequent move toward private ownership.

Why the 93.02% outcome matters

The central regulatory milestone in a voluntary delisting is whether promoter shareholding crosses the 90% minimum acceptance threshold. Elpro’s disclosed post-offer promoter and promoter group holding of 93.02% indicates that the requirement has been met. The company’s filings also set out the key mechanics of the offer including the fixed price, the tendering window, and the intermediaries involved. The next steps are procedural, aimed at completing the delisting from BSE Limited.

Conclusion

Elpro International’s voluntary delisting offer has been declared successful after promoters reached a post-offer stake of 93.02%, with shares acquired at a fixed price of ₹181.80. The company will now proceed with the final stages required to delist from BSE Limited, as disclosed in its filings.