Cholamandalam Investment and Finance Company Limited has informed the Exchange regarding 'Intimation under Regulation 31(A)(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
CHOLAFIN · price
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Awaiting price reaction for this filing.
Cholamandalam Investment and Finance Company has received a request from Coromandel Engineering Company Limited (CECL) to be reclassified from the 'Promoter and Promoter Group' category to the 'Public' category. CECL was part of the promoter group due to historical Murugappa Group linkages, but a change in control of CECL occurred on 29 December 2023 when its erstwhile promoters sold their entire stake in CECL. As on the date of the request, CECL holds nil equity shares in the company and does not exercise any control, board representation, or special rights. The request will be placed before Chola Finance's Board at its next meeting, followed by approvals sought from NSE and BSE.
This is a technical/cleanup filing with no change in actual shareholding or control of Chola Finance, as CECL already held zero shares. No material impact on existing shareholders or the stock price is expected. Once approved, it will simply formally remove a dormant promoter group entity from the promoter list, increasing the public shareholding count on paper.