Tulive Developers Limited has received unanimous approval from its Committee of Independent Directors (IDC) for the voluntary delisting offer, with the recommendation published in newspapers following the submission of comprehensive delisting documentation to BSE Limited.

IDC Recommendation and Publication

The Committee of Independent Directors, comprising Chairman Mr. Jacob George Kandathil, Mr. Pradeep Bhandari, and Mrs. Bhumika Jignesh Shah, unanimously approved the delisting offer on April 08, 2026. The recommendation has been published in Financial Express (English), Janasatta (Hindi), and Navshakti (Marathi) newspapers as required under Regulation 30 of SEBI Listing Regulations.

Letter of Offer Submission

Saffron Capital Advisors Private Limited submitted the comprehensive Letter of Offer to BSE Limited on April 07, 2026, containing detailed terms and conditions for the delisting process. The document is available on the company website at www.tulivedevelopers.com and the Manager's website at www.saffronadvisor.com .

Bidding Schedule and Pricing

The reverse book-building process will commence with specific timelines for public shareholders to tender their equity shares. The acquirers have established pricing parameters based on independent valuation and regulatory requirements.

IDC Assessment and Recommendations

The Independent Directors Committee reviewed the Initial Public Announcement dated November 10, 2025, Detailed Public Announcement dated April 04, 2026, and Letter of Offer dated April 04, 2026. Based on valuation report by Mr. Kalyanam Bhaskar (IBBI Registered Valuer Reg. No. IBBI/RV/06/2020/12559), the IDC concluded that the floor price has been calculated in accordance with Delisting Regulations and is fair and reasonable.

Acquirer Information and Financial Capacity

Altis Properties Private Limited serves as the first acquirer with a net worth of ₹3,922.00 lakhs as of October 31, 2025. The company was incorporated on June 23, 2022, and operates in property development with authorized share capital of ₹15.00 lakhs.

GKS Technology Park Private Limited acts as the second acquirer with substantially higher net worth of ₹24,773.04 lakhs as of November 26, 2025. Incorporated on February 06, 2006, this entity focuses on technology parks and real estate development with authorized share capital of ₹1.00 crore.

Shareholding Structure and Target

Currently, promoters Atul Gupta and K V Ramana Shetty hold 15,53,240 equity shares representing 72.10% of paid-up share capital. Public shareholders hold 6,01,135 equity shares representing 27.90% of the total issued shares.

Escrow Arrangements and Process Requirements

The acquirers have established an escrow account titled "GKS TECHNOLOGY PARK PRIVATE LIMITED-ALTIS ESCROW ACCOUNT" with ICICI Bank Limited. The estimated consideration of ₹45,08,51,250 has been deposited, calculated at the indicative price for all public shareholding.

Public shareholders can participate through BSE's Acquisition Window Facility during the specified bid period. For dematerialized shares, shareholders must approach their respective seller members, while physical shareholders need to submit original share certificates along with duly executed transfer forms to the registrar.

The delisting will be deemed successful if the combined shareholding of acquirers and promoters reaches 90% of total issued shares through the reverse book-building process.

Tulive Developers Limited announced its unaudited financial results for the quarter ended December 31, 2025, showing a marginal improvement in its financial performance compared to the previous year. The company's board of directors approved these results in a meeting held on February 13, 2026.

Financial Performance Overview

The company reported a net loss of ₹26.57 lakhs for Q3FY26, representing a slight improvement from the ₹27.52 lakhs loss recorded in Q3FY25. The nine-month performance showed more substantial progress, with losses narrowing significantly to ₹73.00 lakhs from ₹94.41 lakhs in the corresponding period of the previous year.

Expense Analysis

The company's total expenses for Q3FY26 stood at ₹36.56 lakhs compared to ₹38.22 lakhs in Q3FY25. The expense structure remained consistent with previous periods, dominated by depreciation and amortization expenses.

Earnings Per Share and Capital Structure

The company's earnings per share improved marginally, with basic and diluted EPS at ₹(1.23) for Q3FY26 compared to ₹(1.28) in Q3FY25. The paid-up equity share capital remained stable at ₹215.44 lakhs with a face value of ₹10 per equity share.

Business Operations and Notes

According to the company's disclosure, Tulive Developers operates in project management consultancy services and agricultural activities. The company has withdrawn the total amount from firm "Tulive Builder" which has been dissolved. Additionally, there is no further development in Tulive Estate with maximum amount withdrawn, keeping the balance as non-current investments.

Shareholding Pattern

The company's shareholding structure remained unchanged during the quarter:

The financial results were reviewed by the audit committee and approved by the board of directors. The results have been subjected to limited review by the statutory auditors Dagliya & Co., Chartered Accountants.