Elpro International delisting succeeds at ₹181.80 in 2026

Delisting declared successful after 93.02% promoter holding

Elpro International Ltd has declared its voluntary delisting offer successful after the promoter group’s post-offer shareholding rose to 93.02%. The outcome crosses the 90% minimum acceptance condition prescribed under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. The acquisition was executed at a fixed delisting price of ₹181.80 per equity share, as disclosed by the company. With the regulatory threshold met, the delisting process moves ahead as per the stated terms of the offer and the regulations.

What the offer was and who the acquirers are

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 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. The delisting price was communicated as a fixed price offer rather than a price discovery outcome.

Offer price details: ₹181.80 and its premium to floor price

The fixed delisting price was set at ₹181.80 per share. The article data also cites a calculated floor price of ₹158.07 under the SEBI delisting framework. Based on these numbers, the offer price represented a 15% premium over the floor price. Separately, the Committee of Independent Directors (IDC) endorsed the fixed price as “fair and reasonable” in its recommendation to public shareholders.

Tender window and how shareholders could participate

The tendering window for public shareholders was scheduled from August 4, 2026 to August 10, 2026. Shareholders were required to tender through their registered stockbrokers. Alternatively, shareholders holding physical certificates could submit documents to the registrar, MUFG Intime India Private Limited, by 5 p.m. IST on the closing date. The delisting was expressly conditional on meeting the minimum acceptance criteria under Regulation 21, requiring the combined holdings of the acquirers and promoter group to reach at least 90% after the acquisition.

Payments begin August 12, 2026 for accepted tenders

Elpro International informed the exchange that payments to public shareholders whose tenders were accepted will be made on August 12, 2026, subject to not requiring further regulatory approvals. Consideration will be paid at the fixed delisting price of ₹181.80 per equity share. This payment schedule is a key operational milestone because it determines when tendering shareholders receive funds once acceptance is confirmed.

Exit window for residual shareholders: one year from delisting

For shareholders who do not tender during the offer period, SEBI’s delisting framework provides a post-delisting exit route. Under Regulation 26 of the SEBI Delisting Regulations, residual shareholders can offer their equity shares to the acquirers at the fixed delisting price during an exit window. The stated exit window remains open for one year from the date of delisting from BSE Limited. This mechanism is designed to provide an additional opportunity to exit even after the shares stop trading on the exchange.

Approvals and process milestones cited in disclosures

The company disclosed that BSE Limited granted in-principle approval for the delisting on July 24, 2026, under Regulation 12 of the SEBI Delisting Regulations, 2021. Public shareholders also approved the delisting through a postal ballot process that concluded on June 10, 2026. The company reported votes in favour at 2,29,64,545, meeting the two-thirds majority requirement referenced under Regulation 11(4). The same disclosure set also mentioned approval as 99.82% of votes polled in favour.

Prior delisting from Calcutta Stock Exchange

Before the BSE delisting process, Elpro International’s equity shares were voluntarily delisted from The Calcutta Stock Exchange Limited (CSE). This delisting became effective on July 10, 2026, with the company noting that the shares were no longer listed on the official list of CSE. The company stated that the CSE delisting was approved in compliance with the SEBI delisting regulations.

Market context and intraday reference

The article data included an intraday reference point for Elpro International’s share price during live trading. As of 2:17 PM, the shares were quoted at ₹176.5, down 0.01%. While the delisting price is fixed at ₹181.80 for accepted tenders and the exit window, this market price reference shows how the stock was trading around the period of the offer.

Key facts at a glance

Offer size disclosures and what investors should note

The offer size was described in different disclosures included in the article data. One disclosure said the offer sought to acquire 4,23,16,100 equity shares, representing 25.07% of paid-up equity capital. Another set of offer details cited a target of 4,23,70,160 equity shares, representing 25.00% of the total issued equity share capital. Investors tracking the process typically rely on the company’s exchange filings and final post-offer reporting for definitive numbers.

What happens next under the stated terms

With the delisting offer declared successful and the minimum acceptance condition crossed, the process moves to payments for accepted tenders and completion steps tied to delisting from BSE Limited. The disclosures also stated that if delisting succeeds, no application for relisting will be made for three years. For shareholders who remain invested after delisting, the one-year exit window at ₹181.80 per share remains the defined route to sell to the acquirers.