Ras Resorts And Apart Hotels Limited has initiated a postal ballot process to seek shareholder approval for the voluntary delisting of its equity shares from BSE Limited. The move follows a letter of intention from promoter group entities Mr. Vishamber Tekchand Shewakramani and Mrs. Nalini Vishamber Shewakramani to acquire the public shareholding. The company has set an indicative exit price of ₹56 per share for the proposed delisting offer, with a floor price of ₹43.73 per share certified by a registered valuer.

The acquirers intend to purchase 9,21,582 equity shares, representing 23.22% of the paid-up equity share capital held by public shareholders. The delisting proposal aims to enable the promoters to acquire full ownership, citing high compliance costs and low trading volumes as reasons for exiting the stock exchange. The Board of Directors approved the proposal on May 16, 2026, based on a due diligence report submitted by M/s Parikh and Associates.

Voting Schedule and Process

The remote e-voting process commenced on Tuesday, May 26, 2026, at 9:00 a.m. IST and will conclude on Wednesday, June 24, 2026, at 5:00 p.m. IST. Shareholders whose names appear in the register of members or beneficial owners as on Friday, May 22, 2026, are eligible to vote. The company has engaged National Securities Depository Limited (NSDL) as the e-voting agency.

Shareholding and Approval Requirements

As per the filing, the promoter and promoter group hold 29,50,950 equity shares, constituting 74.34% of the paid-up equity share capital. The special resolution requires approval by a majority of shareholders. Additionally, the votes cast by public shareholders in favor of the delisting proposal must amount to at least two times the number of votes cast against it, as per the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

The Board of Directors has appointed Ms. Vinita Raj (FCS 7888) or Ms. Supriya Falke (FCS 9997) of AVS & Associates as the scrutinizer to oversee the voting process. The results of the postal ballot will be declared within seven days of the completion of the voting process and submitted to BSE Limited.

Ras Resorts & Apart Hotels has released its audited financial results for the quarter and year ended March 31, 2026, as approved by the Board of Directors at their meeting held on May 16, 2026. The results were reviewed by the Audit Committee and carry an unmodified audit opinion from Khandelwal & Mehta LLP, Chartered Accountants. Managing Director Vishamber Shewakramani signed off on the financials on behalf of the company. The company subsequently intimated BSE Limited on May 18, 2026, confirming the publication of these audited financial results in Financial Express and Mumbai Lakshadweep, both dated May 17, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Overview

The company's full-year financial results reflect an improvement in profitability, with net profit after tax rising to ₹52.41 lakhs from ₹32.74 lakhs in the previous year. Total revenue for the year stood at ₹1,314.92 lakhs, compared to ₹1,322.71 lakhs in the prior year. The following table presents the key financial highlights:

Quarterly Performance

For the quarter ended March 31, 2026, the company reported total revenue of ₹394.16 lakhs, up from ₹344.53 lakhs in the corresponding quarter of the previous year. Net profit for the quarter stood at ₹5.77 lakhs, compared to ₹1.10 lakhs in the same period last year.

Segment Performance

The company operates primarily through its Hoteliering segment, with the Real Estate segment reporting no revenue during the period. Segment-wise results for the year are presented below:

The Hoteliering segment's capital employed increased to ₹1,586.41 lakhs from ₹1,523.69 lakhs, while the Real Estate segment (at pre-operative stage) held capital employed of ₹388.44 lakhs.

Balance Sheet and Cash Flow

As at March 31, 2026, total assets stood at ₹2,815.24 lakhs, compared to ₹2,993.51 lakhs in the previous year. Total equity was ₹1,974.85 lakhs, with equity share capital remaining unchanged at ₹396.97 lakhs. Cash and cash equivalents declined to ₹62.99 lakhs from ₹159.36 lakhs at the start of the year, reflecting net cash used in financing activities of ₹232.51 lakhs, primarily on account of net borrowing repayments of ₹213.91 lakhs. Net cash from operating activities for the year was ₹139.04 lakhs, up from ₹128.16 lakhs in the prior year.

Voluntary Delisting Proposal

The Board of Directors has granted approval to the voluntary delisting proposal for the company's equity shares from BSE Limited. The decision is subject to receipt of necessary approvals from shareholders, stock exchanges, and other regulatory authorities. The Board has certified that the company and the acquirers are in compliance with applicable securities laws and that the delisting is in the interest of shareholders. The floor price for the delisting offer is set at ₹43.73 per share, with an indicative price of ₹56 per share. The company will seek shareholder approval via postal ballot and e-voting. The auditors have noted this as a material subsequent event but maintained an unmodified opinion.