Description

BSE announces the outcome of the Reverse Book Building Process (RBBP) under Regulation 17(3) of SEBI Delisting Regulations for Tulive Developers Limited, following bids received from April 15–21, 2026.

Summary

BSE has announced the outcome of the Reverse Book Building Process (RBBP) for the delisting of Tulive Developers Limited under Regulation 17(3) of the SEBI (Delisting of Equity Shares) Regulations. The RBBP was conducted from April 15, 2026 to April 21, 2026, with Cameo Corporate Services Limited (Registrar) and Saffron Capital Advisors Private Limited (Manager) analysing bid data in consultation with the Acquirers to determine the outcome.

Key Points

  • Acquirers are Altis Properties Private Limited (Acquirer 1) and GKS Technology Park Private Limited (Acquirer 2)
  • Target: acquisition of 6,01,135 (Six Lakhs One Thousand One Hundred and Thirty Five) fully paid-up equity shares held by public shareholders
  • Equity share face value: Rs. 10/- per share
  • Floor price: Rs. 719.30/- per equity share
  • Indicative price: Rs. 750.00/- per equity share
  • RBBP window ran from Wednesday, April 15, 2026 to Tuesday, April 21, 2026
  • This notice is in continuation of Exchange Notice No. 20260410-25 dated April 10, 2026
  • Detailed outcome document (Outcome_of_Reverse_Book_Building_Process_Tulive_Developers_BSE) is attached to the circular

Regulatory Changes

No new regulatory changes are introduced. The process is governed by existing SEBI Delisting Regulations, specifically:

  • Regulation 17(3): Mandates disclosure of RBBP outcome
  • Regulation 23: Governs release of lien on unaccepted or rejected shares from public shareholders’ demat accounts

Compliance Requirements

  • Lien on unaccepted/rejected shares is to be released on equity shares held in the respective demat accounts of public shareholders in accordance with Regulation 23 of the SEBI Delisting Regulations
  • The Registrar (Cameo Corporate Services Limited) and Manager (Saffron Capital Advisors Private Limited) are responsible for processing bid data and coordinating with the Acquirers
  • Public shareholders should refer to the attached outcome document for details on their specific bid status

Important Dates

  • April 10, 2026: Original Exchange Notice No. 20260410-25 announcing the Delisting Offer
  • April 15, 2026: RBBP bidding window opened
  • April 21, 2026: RBBP bidding window closed; outcome announced
  • May 21, 2026: Outcome document date (as referenced in the notice attachment)

Impact Assessment

This circular has high impact for public shareholders of Tulive Developers Limited, as it concludes the RBBP and triggers the settlement phase of the delisting process. Shareholders who submitted bids at or below the discovered price may have their shares acquired by the Acquirers; those with unaccepted or rejected bids will have their share liens released. The delisting, if successful, would result in Tulive Developers Limited being removed from BSE’s trading platform, ending price discovery and liquidity for remaining shareholders.

Impact Justification

Delisting outcome directly affects public shareholders of Tulive Developers Limited, triggering share lien release and settlement obligations under SEBI Delisting Regulations.