Description
BSE announces the Offer to Buy window for voluntary delisting of Tulive Developers Limited equity shares, with acquirers Altis Properties and GKS Technology Park seeking to acquire 27.90% public shareholding at a floor price of Rs. 719.30 per share via the Reverse Book-Building Process.
Summary
BSE has announced the opening of the Offer to Buy (Acquisition Window) for the voluntary delisting of equity shares of Tulive Developers Limited. The acquirers — Altis Properties Private Limited and GKS Technology Park Private Limited, along with other Persons Acting in Concert (PACs) — seek to acquire 6,01,135 equity shares representing 27.90% of the company’s equity share capital from public shareholders through the Reverse Book-Building Process (RBBP). The offer window opens on April 15, 2026, and closes on April 21, 2026.
Key Points
- Target Company: Tulive Developers Limited
- Acquirers: Altis Properties Private Limited (Acquirer 1) and GKS Technology Park Private Limited (Acquirer 2), along with other PACs
- Shares Targeted: 6,01,135 fully paid-up equity shares (face value Rs. 10/- each), representing 27.90% of total equity share capital
- Floor Price: Rs. 719.30/- per equity share
- Indicative Price: Rs. 750/- per equity share
- Total Offer Size: Up to Rs. 45.08 Crores
- Process: Reverse Book-Building Process (RBBP)
- Offer Period: Wednesday, April 15, 2026 to Tuesday, April 21, 2026
- Offer details are available on the BSE website (www.bseindia.com)
- Letter of Offer is attached to the circular for reference
Regulatory Changes
No new regulatory changes introduced. The mechanism follows existing SEBI frameworks:
- SEBI circular CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015
- SEBI circular CFD/DCR2/CIR/P/2016/131 dated December 09, 2016
- BSE revised guidelines issued via notice nos. 20170210-16, 20190207-23, 20200528-32, and 20201102-43 governing acquisition of shares through stock exchange pursuant to Tender-Offers under Takeovers, Buy Back, and Delisting
The process is conducted under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.
Compliance Requirements
- Trading Members and Custodians must take note of the Offer to Buy window and facilitate participation by eligible public shareholders
- Public Shareholders of Tulive Developers Limited must submit their bids through the RBBP mechanism via their respective trading members during the offer window
- All market participants must comply with the SEBI Delisting Regulations, 2021, and the BSE revised guidelines for acquisition through the stock exchange
- Participants should review the attached Letter of Offer for detailed terms and conditions
Important Dates
| Event | Date |
|---|---|
| Circular Date | April 10, 2026 |
| Offer to Buy Window Opens | Wednesday, April 15, 2026 |
| Offer to Buy Window Closes | Tuesday, April 21, 2026 |
Impact Assessment
This circular has high impact on public shareholders of Tulive Developers Limited. The delisting, if successful, will result in the company’s shares being removed from BSE trading, leaving public shareholders with no exchange-based liquidity post-delisting. Public shareholders must decide within the 7-day window (April 15–21, 2026) whether to tender their shares at or above the floor price of Rs. 719.30 or the indicative price of Rs. 750/-. The success of the delisting depends on the RBBP outcome and whether the discovered price meets the acquirers’ acceptance criteria under the Delisting Regulations, 2021. Trading members and custodians need to be operationally ready to process client orders during this window.
Impact Justification
A voluntary delisting via Reverse Book-Building directly affects public shareholders of Tulive Developers Limited, representing removal of the company from BSE and requiring active participation decisions from 27.90% public float holders within a narrow 7-day window.