TCI Developers : General updates

	Saffron Capital Advisors Private Limited
	605, Sixth Floor, Centre Point, Andheri Kurla Road
	J.B. Nagar, Andheri (East), Mumbai ‐ 400059
	Tel.: +91‐22‐49730394
	Email: [e-mail]
	Website: www.saffronadvisor.com
	CIN No.: U67120MH2007PTC166711
September 20, 2022
To,
Listing Department,	Listing Department,
The National Stock Exchange of India Ltd.,	BSE Ltd.,
"Exchange Plaza",	Phiroz Jeejeebhoy Towers,
Bandra Kurla Complex, Bandra (East),	Dalal Street
Mumbai - 400051	Mumbai-400 001
Scrip Symbol: TCIDEVELOP	Scrip Code: 533393

Dear Sir/Madam,

Sub: Outcome of Reverse Book Building Process under Regulation 17(3) of the SEBI (Delisting of Equity Shares) Regulations, 2021 ("SEBI Delisting Regulations").

Ref: Voluntary Delisting Offer made by TDL Real Estate Holdings Limited ("Acquirer") being the members of the Promoter and Promoter Group of the Company to the Public Shareholders to acquire 9,61,337 (Nine Lakhs Sixty-One Thousand Three Hundred and Thirty-Seven only) Equity Shares of TCI Developers Limited (the "Company") (hereinafter referred as "Delisting Offer").

The Delisting Offer opened on Wednesday, September 14, 2022 and closed today i.e. Tuesday, September 20, 2022, at end of market hours on BSE Limited ("BSE") and National Stock Exchange of India ("NSE") (collectively "Stock Exchanges"). Kfin Technologies Limited ("Registrar to the Delisting Offer") and Saffron Capital Advisors Private Limited ("Manager to the Delisting Offer") have analyzed the bids data received from BSE and NSE and in consultation with the Acquirer, the outcome of the Reverse Book Building Process ("RBBP") is hereby disclosed and announced in terms of Regulation 17 (3) of the SEBI Delisting Regulations.

	Scrip Name		TCI Developers Limited
	Symbol		TCIDEVELOP (NSE)
			Scrip Code: 533393 (BSE)
	lssue Period		Opened on September 14, 2022
			Closed on September 20, 2022
	Floor Price (Rs.)	Rs. 358.22/- Per Equity Share
	Indicative Price (Rs.)	Rs. 400/- Per Equity Share
	Delisting Offer size	9,61,337 Equity Shares
	Discovered Price (Rs.)	Rs. 400/-
	Number of equity shares and bids	Total 6,61,959 Equity Shares with 105 successful bids received between
			price range from Rs. 358.22 Per Equity Share to Rs. 1,000 Per Equity
			Share
	Number of equity shares and bids	No. of Equity Shares:14,966
	above the discovered price	No. of Bids: 18
	Whether	delisting offer is	Total issued equity shares	37,29,431
	successful in terms of Regulation 21 of	Shares transferred to the Investor Education and	66,664
	SEBI (Delisting of equity shares)	Protection Fund's account in terms of
	Regulations 2021	Regulation 21(a) of SEBI Delisting Regulations
			Shares held by vanishing companies and struck	24
			off companies as inactive shareholders in terms
			of Regulation 21(a) of SEBI Delisting
			Regulations
			Remaining shares	36,62,743
			Minimum number of shareholding to be	32,96,469
			achieved i.e., 90% of the Remaining shares as

Registered Office: H‐130, Bhoomi Green, Raheja Estate, Kulupwadi, Borivali (East), Mumbai‐400 066/ SEBI Registration No: INM000011211

Saffron Capital Advisors Private Limited

605, Sixth Floor, Centre Point, Andheri Kurla Road J.B. Nagar, Andheri (East), Mumbai ‐ 400059 Tel.: +91‐22‐49730394

Email: [e-mail]

Website: www.saffronadvisor.com

CIN No.: U67120MH2007PTC166711

per Regulation 21 of SEBI Delisting

Regulations.

Particulars

No.

of

%

of

%

of

Equity

total

remaining

Shares

issues

shares

Capital

Pre- Delisting Offer Promoter

27,68,094

74.22

75.57

and

Members

of

Promoter

Group Shareholding

No

of Equity

Shares

6,46,993

17.35

17.66

successfully Bid at or below

Discovered Price (*)

Post

Delisting

Offer

34,15,087

91.57

93.24

Promoter and

Members of

Promoter

Group

Shareholding (Also

refer to

the outcome below)

(*) Rs. 400/- (Rupees Four Hundred only) Per Equity Share

Note: 25 shares received/tendered in physical form

As the post Delisting Offer shareholding of the Acquirer, along with the other promoter and promoter group, has exceeded 90% (91.57%) of total issued number of Equity Shares (excluding Shares transferred to the Investor Education and Protection Fund's account and inactive Shareholder as provided under the SEBI Delisting Regulations), the Delisting Offer is deemed successful in terms of Regulation 21 of the SEBI Delisting Regulations, Discovered Price of Rs. 400/- per Equity

Share is accepted by the Acquirer

Discovered Price is accepted by the Acquirer, then payment will be made to all the successful bidders in accordance with Regulation 24 and other provisions of the SEBI Delisting Regulations, SEBI Circulars and the settlement calendar of Indian Clearing Corporation Limited. Lien on unaccepted / rejected shares will be released on the Equity Shares in their respective Demat accounts of the Public Shareholders in accordance with Regulation 23 of the SEBI Delisting Regulations. In terms of Regulation 17(4) of the SEBI Delisting Regulations, a post offer public announcement disclosing the success or failure of the reverse book building process and / or counter offer and acceptance or rejection of the Discovered Price will be made in the same newspapers in which the Detailed Public Announcement was made.

Outcome: We also wish to bring to your notice that the Acquirer shall make the public announcement by Thursday, September 22, 2022 disclosing the success / failure of the reverse book building process and / or counter offer, if any, in terms of Regulation 17(4) and Regulation 22(4) of SEBI Delisting Regulations.

For Saffron Capital Advisors Private Limited

Gaurav Khandelwal

Vice President

CC to:

1. TCI Developers Limited
2. TDL Real Estate Holdings Limited ("Acquirer")

Registered Office: H‐130, Bhoomi Green, Raheja Estate, Kulupwadi, Borivali (East), Mumbai‐400 066/ SEBI Registration No: INM000011211