CG Power and Industrial Solutions Limited has informed the Exchange regarding ''Intimation Under Regulation 30 Read With Regulation 31(A)(8) Of SEBI (LODR), 2015 Following Receipt Of Request For Re-Classification from the Promoter group Category''.
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CG Power and Industrial Solutions has informed the stock exchange about receiving a request from a member of its promoter group for reclassification out of the 'Promoter' category. This is being done under Regulation 30 read with Regulation 31(A)(8) of SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. The reclassification process typically requires approval from the board, shareholders, and the stock exchanges. No details on the identity of the requesting entity or the size of the shareholding involved have been disclosed in this intimation.
This is a procedural filing and not an immediate change in ownership. If approved, it could marginally reduce the promoter group's reported shareholding and may signal an intent to sell or exit the promoter category. Shareholders should await further disclosures on the shareholding impact and board recommendations.