Ras Resorts delisting plan: ₹56 exit offer in 2026

What the company has announced

Ras Resorts & Apart Hotels Ltd (BSE: 507966; ticker: RASRESOR) has initiated a shareholder approval process for the voluntary delisting of its equity shares from BSE Limited. The company issued a postal ballot notice and also published a newspaper advertisement under Regulation 30 of SEBI’s LODR requirements. The current process is aimed at obtaining approval for a special resolution connected to the delisting proposal.

The key shareholder action point is remote e-voting, which opened on May 26, 2026 at 9:00 a.m. IST and closes on June 24, 2026 at 5:00 p.m. IST. Shareholders whose names appear in the register of members or as beneficial owners as on May 22, 2026 are eligible to vote. National Securities Depository Limited (NSDL) has been appointed as the e-voting agency.

Board meetings that triggered the delisting process

A board meeting held on May 2, 2026 considered the proposal for voluntary delisting, following a formal letter of intent from the promoter group. The board granted in-principle approval for the voluntary delisting at that meeting, which the company noted commenced at 17:00 and concluded at 17:36 on May 2, 2026.

Separately, the company also stated that the Board of Directors approved the proposal on May 16, 2026, based on a due diligence report submitted by M/s Parikh and Associates. The approvals are stated to be subject to receipt of necessary consents from shareholders, stock exchanges, and other regulatory authorities.

Who is acquiring shares and what is being offered

The promoter group entities named in the disclosure are Mr. Vishamber Tekchand Shewakramani and Mrs. Nalini Vishamber Shewakramani. The promoters have indicated an intention to acquire up to 9,21,582 equity shares, representing 23.22% of the paid-up equity share capital held by public shareholders.

The indicative exit price mentioned for the proposed delisting is ₹56 per equity share. The floor price is stated as ₹43.73 per share, certified by a registered valuer. The company has also described the offer as an attempt to acquire the public shareholding and move towards full promoter ownership if the delisting succeeds.

How the shareholder vote works under SEBI delisting rules

The delisting proposal is structured around the requirements under the SEBI (Delisting of Equity Shares) Regulations, 2021. The special resolution needs approval by a majority of shareholders.

In addition, the company has highlighted a specific threshold for public shareholders: votes cast by public shareholders in favour must be at least two times the number of votes cast against the delisting proposal. The disclosures also refer to a requirement that public shareholders holding 90% or more of public shareholding must provide written consent.

Share base and IEPF exclusion

The proposed acquisition and voting disclosures include the company’s listed share count and an exclusion for IEPF-held shares. The offer targets 39,69,743 listed equity shares on BSE Limited, excluding 97,211 shares held by the Investor Education and Protection Fund (IEPF).

The shares proposed to be acquired by promoters are described as fully paid-up equity shares of face value ₹10 each. These details matter for investors because they clarify the exact public float the acquirers are targeting and the share pool relevant to the delisting calculations.

Why the company wants to delist

Ras Resorts & Apart Hotels has cited reasons that typically appear in delisting proposals of smaller, thinly traded companies. The company has referred to high compliance costs and consistently low trading volumes as reasons for exiting the stock exchange.

It has also referred to a history of not paying dividends in the context of why a continued public listing may be less beneficial. These points, taken together, frame the delisting as an attempt to reduce recurring listing-related overheads and simplify the ownership structure.

Company profile and operations

Ras Resorts & Apart Hotels Ltd is an India-based hospitality company established in 1985, primarily owning and operating the Ras Resorts in Silvassa. It caters to corporate, leisure, and event segments, with around 100 rooms and extensive conference facilities. The company’s headquarters is listed as Mumbai, and it operates in the consumer services sector under hotels, resorts and cruise lines.

The disclosures identify the CEO as Vishamber Tekchand Shewakramani. The company’s address in the public notice context includes Rosewood Chambers, 99/C, Tulsiwadi, Tardeo, Mumbai, Maharashtra 400034.

Financial snapshot and reported profitability

For fiscal year 2025, the company reported net profit of approximately ₹0.48 crore, described as a 78.9% year-on-year increase. It also reported a net profit of ₹0.123 crore (₹12.30 lakhs) in Q2 FY2025.

The same information set notes that overall revenue faced a slight decline and the return on equity remained low at 1.71%. In another update connected to board approvals, the company stated that its Q4 FY26 financial results showed a net profit of ₹0.0577 crore (₹5.77 lakhs), a 424.5% year-on-year increase.

Stock price context around the delisting news

The stock price data included multiple snapshots. Ras Resorts & Apart Hotels share price is stated as ₹54.06 as of June 25, 2026, alongside a move of 2.95 points and -5.17%.

For June 3, 2026, the stock price is stated as ₹52.04 with a -5.02% move for the day, with an intraday range of ₹52.01 to ₹54.49. The same snapshot reports volume of 5,390 shares, and a market capitalisation shown as ₹0.397 crore (₹3,969,743). Separately, the company is also described as a small-cap with a market cap of ₹23.44 crore, indicating different data references in the provided information.

The stock’s 52-week range is stated as ₹33.34 to ₹64.90, and the 52-week high of ₹64.90 is specifically referenced as of May 5, 2026.

Key facts table

Market impact and what investors typically track

For investors, the most immediate variable is the shareholder vote outcome, because the delisting process cannot proceed without the required approvals. The indicative price of ₹56 per share and floor price of ₹43.73 per share provide the initial pricing frame referenced in the disclosures, while the final exit price is tied to the delisting mechanism permitted under SEBI regulations.

The company has stated that the exit price will be determined under Regulation 19A read with Regulation 20 and/or Regulation 20A of the SEBI Delisting Regulations, through reverse book building or a fixed delisting price mechanism. Another practical watch point is the company’s stated rationale of low trading volumes, since liquidity affects price discovery during any delisting price process.

Analysis: why this delisting proposal matters

The proposal is significant because it seeks to shift Ras Resorts & Apart Hotels from a publicly traded company to one that could become fully promoter-owned, depending on the delisting outcome. The disclosures explicitly connect the process to acquiring the public shareholding and reducing ongoing compliance burdens.

From a governance and process perspective, the disclosures provide a clear set of checks: due diligence by Parikh and Associates, engagement of a SEBI-registered merchant banker (Sobhagya Capital Options), and the requirement that public shareholder votes in favour must significantly outweigh votes against. These conditions are central because they determine whether minority shareholders can effectively block the proposal.

Conclusion

Ras Resorts & Apart Hotels has moved from board-level consideration to a shareholder vote for voluntary delisting from BSE, with an indicative exit price of ₹56 per share and remote e-voting running from May 26 to June 24, 2026. The next milestones are the announcement of voting results, regulatory clearances, and any further communication on the final exit price mechanism under SEBI’s delisting framework.