Sobhagya Capital Options Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Initial Public Announcement under Regulation 8(1) of the Securities and Exchange Board of India ....
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The promoters and promoter group of Ras Resorts & Apart Hotels Ltd have submitted an Initial Public Announcement under SEBI Delisting Regulations, 2021, proposing to delist the company's equity shares from BSE. The promoters seek to acquire up to 9,21,582 equity shares (23.22% of paid-up capital) held by public shareholders. Currently, promoters hold 76.78% of the company. The exit price will be determined through reverse book building or a fixed price mechanism as per regulations. The company states the delisting is justified because listing costs are disproportionately high relative to its small scale, trading volumes have been consistently low, and no dividends have been declared for several years. The delisting requires approval via a special resolution with public shareholder voting (2:1 in favour) and 90% written consent from public shareholders.
If approved, this will result in the company being delisted from BSE, and public shareholders will be required to either sell their shares at the determined exit price or hold delisted shares with limited liquidity. This represents a loss of public market access for the company's equity.