3i Infotech Limited has informed the Exchange about Intimation of receipt of No-objection letter for reclassification from 'promotor and promoter group' category to 'public' category shareholders in accordance with Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015 ("SEBI LODR Regulations")
3IINFOLTD · price
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3i Infotech has received a no-objection letter from the stock exchange for reclassifying certain shareholders from the 'promoter and promoter group' category to the 'public' category under Regulation 31A of SEBI LODR Regulations. This means these shareholders are no longer considered promoters and will be treated as public shareholders going forward. The reclassification typically reduces the promoter group's shareholding and increases the public shareholding, which can improve the stock's free float. Specific details on the number of shares or the resulting promoter holding percentage were not disclosed in this filing.
This reclassification expands the public shareholding in 3i Infotech, which can improve liquidity and free float, but it also reduces the promoter group's stake and influence in the company.