Bharat Road Network Limited has informed regarding Disclosure of material issue--Intimation of receipt of request letter from Promoter of the Company, requestingfor re-classification to Public category from Promoter Category
BRNL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Bharat Road Network Limited has received a formal request from SREI Infrastructure Finance Limited (SIFL) to reclassify its status from 'Promoter' to 'Public' category. SIFL currently holds 1,66,30,000 equity shares representing 19.81% of BRNL's total paid-up capital. The request is based on SIFL's ongoing insolvency proceedings under RBI and NCLT, culminating in a Resolution Plan approved by NCLT on August 11, 2023, where NARCL acquired 46% stake in SIFL. SIFL argues it has not been part of the promoter group since August 2023. The reclassification request is subject to Board of Directors' consideration and no-objection from Stock Exchanges.
SIFL exiting the promoter category formalizes a situation that has existed since August 2023. This reduces the company's official promoter holding by 19.81%, though no shares are being sold. Shareholders should note this is a housekeeping/administrative filing rather than a change in actual shareholding.