CG Power and Industrial Solutions Limited has informed the Exchange regarding 'Receipt of request of reclassification of Promoter Group of the Company'.
CGPOWER · price
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Awaiting price reaction for this filing.
CG Power has received a request from Coromandel Engineering Company Limited (CECL), a member of its promoter group, seeking reclassification from the 'promoter and promoter group' category to the 'public' category under SEBI Listing Regulations. CECL currently holds 0 equity shares (0.00%) of CG Power. The request stems from a Share Purchase Agreement executed on 29 September 2023, under which the Murugappa Group divested their entire shareholding in CECL, with a change in control of CECL occurring on 29 December 2023. CECL has confirmed it holds no voting rights, exercises no control, has no board representation, and is not a wilful defaulter or fugitive economic offender. The request will be placed before CG Power's Board, after which the company will seek no-objection from NSE and BSE.
This is a procedural housekeeping step with no impact on shareholding or market float, as the entity being reclassified already holds zero shares. It is unlikely to affect the stock price or shareholder rights, but it cleans up the promoter group list to reflect the 2023 change in control of CECL.