Saffron Capital Advisors Pvt. Ltd. (Manager to the Delisting Offer") has submitted to BSE a copy of Initial Public Announcement under Regulation 8 of the Securities and Exchange Board of ....
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Tulive Developers Ltd's promoters — Altis Properties Pvt Ltd, GKS Technology Park Pvt Ltd, Atul Gupta, and K V Ramana Shetty — have announced their intention to voluntarily delist the company from BSE (Scrip Code: 505285). The promoters currently hold 72.10% of the company's paid-up equity capital (total shares: 21,54,375 of face value ₹10 each), and they plan to buy out the remaining ~27.9% from public shareholders. The floor price will be determined later under Regulation 19A of SEBI Delisting Rules, and the final offer price will be discovered through a reverse book-building process. Saffron Capital Advisors is managing the offer. Key next steps include board approval, a special resolution passed by shareholders (where public votes in favour must be at least 2x votes against), and stock exchange approval before the delisting can proceed.
Public shareholders will get an opportunity to tender their shares at a discovered price via reverse book-building, but the Acquirers have the right to reject that price or make a counter-offer. If successful, the stock will lose its BSE listing and become illiquid for remaining holders, so shareholders should evaluate the offer price carefully.