Coromandel International 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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Coromandel International has informed the stock exchange that it has received a request from a member of its promoter group seeking re-classification out of the promoter category, under SEBI (LODR) Regulations 2015. The intimation is being made as required by Regulation 30 read with Regulation 31(A)(8). The company has not disclosed the name of the entity making the request or the size of the shareholding involved. The re-classification process requires approval from the board, shareholders, and the stock exchanges before it can take effect.
This is an initial intimation and not a completed reclassification, so the promoter shareholding remains unchanged for now. If approved, it could slightly reduce the formal promoter holding in the company, but the actual shareholding and control dynamics will not change immediately. Investors should watch for further details on the size of the stake being reclassified.