We wish to inform you that the company has received a letter of intent dated 15.07.2025 from Mr, Apurv Kumar and Mr. Anoop Kumar (collectively referred to as Acquirers), members of the ....
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Promoters Mr. Apurv Kumar and Mr. Anoop Kumar have expressed their intention to voluntarily delist UP Hotels Ltd from BSE, issuing an Initial Public Announcement on July 15, 2025 through manager Srujan Alpha Capital Advisors LLP. The promoter group currently holds 88.39% of the paid-up equity capital, while public shareholders hold 6,27,040 shares (11.61%), meaning the company has been non-compliant with the minimum public shareholding (MPS) rule since December 2001. The rationale cites a SEBI order dated December 3, 2024 and the fact that shares are thinly traded, offering public shareholders an exit opportunity. The exit price will be the higher of the indicative price communicated by SEBI or the floor price determined under SEBI Delisting Regulations. The delisting is conditional on board approval, a special resolution passed by postal ballot where public votes in favor must be at least twice those against, BSE approval, and written consent from public shareholders holding at least 90% of public shareholding.
Public shareholders will get an opportunity to exit at a discovered price (likely higher than current trading levels given the thinly traded status), but those holding out may end up with unlisted shares that are harder to sell. The stock could see short-term price action tied to the reverse book-building process, and if conditions are met, shares will stop trading on BSE altogether.