Elpro International delisting plan: key steps in 2026

Voluntary delisting announcement sets the process in motion

Elpro International Limited has initiated a voluntary delisting process through its promoter group, in a move that would take the company’s equity shares off BSE Limited if completed. The company said it received an Initial Public Announcement dated May 1, 2026. The announcement was issued by Motilal Oswal Investment Advisors Limited, which is acting as the Manager to the offer. The stated intent is to voluntarily delist Elpro International’s equity shares from BSE.

The proposal is structured as an acquisition of shares held by public shareholders, following which the company’s equity shares would be delisted. The company’s disclosure positions the move as a corporate restructuring step, with the promoters seeking full ownership. The process will be executed under the SEBI (Delisting of Equity Shares) Regulations, 2021.

What exactly is proposed in the delisting

The delisting proposal covers the acquisition of public shareholding, which is currently 25.00% of the paid-up equity capital. The target shares identified in the proposal are 4,23,70,160 equity shares, with a face value of ₹1 each. The manager to the offer is Motilal Oswal Investment Advisors Limited.

The company’s paid-up equity share capital is stated as ₹16,94,79,130, divided into 16,94,79,130 equity shares. Based on the shareholding split, the promoter group currently holds 75.00% while public shareholders hold 25.00%.

Promoter group and shareholding: who the acquirers are

The shareholding pattern disclosed by the company shows concentrated promoter ownership. The key promoter entities mentioned include I G E (India) Private Limited and Zenox Technology Services Private Limited. Individual promoters referenced include Mr. Surbhit Dabriwala and Mrs. Yamini Dabriwala.

The promoter group’s aggregate holding is stated at 12,71,08,970 shares, representing 75.00% of the company. The company’s disclosures also provide a category-wise split of promoter holdings.

Why the company is pursuing delisting

The company has outlined multiple objectives for the delisting proposal. One stated goal is operational flexibility, with the acquirers seeking full ownership to provide increased operational, financial, and strategic flexibility. Another objective is cost reduction, specifically removing compliance costs and management time associated with maintaining a listed status.

The disclosure also links delisting to strategic restructuring, including supporting business operations, corporate restructurings, acquisitions, and exploring new financing structures. A separate stated aim is to provide public shareholders an exit opportunity with “immediate and certain value realization” through the delisting process.

Regulatory steps and approvals required under SEBI rules

Elpro International said the process will follow SEBI Delisting Regulations, 2021, and will proceed through further stages such as detailed public announcements and a letter of offer. The disclosure lists key conditions that must be met for completion.

The delisting proposal requires board approval in line with Regulation 10 of the Delisting Regulations. It also requires shareholder approval through a special resolution, with a specific voting threshold for public shareholders. The company said the favorable votes by public shareholders must be at least two times the opposing votes.

Other conditions include due diligence by a peer reviewed company secretary, stock exchange approvals and statutory or regulatory clearances, and sufficient tender of equity shares for a successful delisting.

Pricing mechanism: floor price and fixed delisting price still awaited

The company has said the equity shares will be acquired through a fixed price process as permitted under the Delisting Regulations. The final delisting price will be based on the floor price determination under Regulation 19A and a fixed delisting price under Regulation 20A.

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 disclosed, public shareholders do not have visibility into the final price level at which shares may be acquired under the delisting offer.

Funding and process timeline: firm financial arrangements stated

The acquirers have confirmed that firm financial arrangements are in place to meet payment obligations under the proposal. The company also said the acquirers have demonstrated capability to implement the delisting, subject to the required statutory approvals.

As described in the disclosure, the process is expected to proceed through the prescribed regulatory stages, including further public announcements and the letter of offer. Separately, the company noted that this is not its first delisting effort, referencing a prior voluntary delisting attempt from The Calcutta Stock Exchange (CSE) in September 2025.

Market details mentioned alongside the delisting update

The disclosure also included certain trading data points. The stock was stated to be operating within a circuit range of ₹70.43 to ₹105.63. It also mentioned value of ₹16.91 lakh (₹0.17 crore) and a delivery percentage of 89.51% for the day.

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

Separate disclosure: IEPFA’s “100 days Campaign - Saksham Niveshak”

Alongside the delisting-related information, Elpro International also issued a public notice through newspaper advertisements regarding the second “100 days Campaign - Saksham Niveshak” initiative. The company said it made this disclosure to BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The publication date stated was Thursday, April 30, 2026.

The initiative is linked to the Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs, which has re-launched the second campaign with expanded scope. The stated aim is to facilitate direct payment of unclaimed or unpaid dividends to rightful shareholders and encourage KYC updates and entitlement claims.

The company said shareholders can submit KYC updates via physical post to MUFG Intime India Private Limited, by email from a registered email ID with digitally signed documents, or via uploads through the SWAYAM portal. The disclosure was signed by Rushabh Ajmera, Company Secretary, and is available on the company website.

Other corporate updates referenced in the disclosures

The text also referenced earlier regulatory updates. One item stated that Elpro International informed about a search or inspection by the Central Goods and Services Tax Department on March 13, 2026, across locations in Mumbai and Pune divisions, and that the company stated there was no material impact on its financials or operations at present.

Another reference stated that Elpro International acquired Mynd Solutions Private Limited for ₹11.37 crore, expanding its fintech and business services segment by integrating Mynd’s RBI-licensed TReDS platform, M1xchange, which facilitates invoice discounting. The text also noted an acquisition of equity shares of Ganesha Ecosphere Limited for ₹6.53 crore, as of October 13, 2025.

What investors and shareholders typically watch next

Based on the company’s stated process requirements, the key checkpoints are the board’s approval, the special resolution vote where public shareholder votes in favour must be at least twice the votes against, and completion of due diligence. Shareholders will also track the company’s communication of the floor price and the fixed delisting price, since these determine the price at which shares may be acquired.

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

Conclusion

Elpro International’s voluntary delisting proposal, announced via an Initial Public Announcement dated May 1, 2026, sets up a process under SEBI’s 2021 delisting framework to acquire the 25% public shareholding and delist from BSE. In parallel, the company has highlighted the IEPFA-backed “Saksham Niveshak” campaign running from April 1 to July 9, 2026, urging shareholders with unclaimed dividends to complete KYC and claim entitlements through the listed channels. The next formal milestones for the delisting are the board and shareholder approvals, regulatory steps, and the separate disclosure of the floor price and fixed delisting price.