Disclosure under regulation 30 read with regulation 31A of SEBI (LODR) regulations 2015
Awaiting price reaction for this filing.
Grand Foundry Ltd's board approved the reclassification of Ms. Heena Ashok Mehta, Ms. Minal Kiran Jangla, and Ms. Namita Hiten Jangla from the Promoter Group category to the Public category. These three individuals have already sold their entire shareholding of 2,13,38,030 equity shares (70.12% of total equity capital) to a new promoter in compliance with SEBI SAST Regulations, 2011, following which they hold nil shares. They stated they are no longer involved in day-to-day affairs, management, or the board of the company. The new promoter and acquirers have already taken over management control pursuant to an open offer. This reclassification formalizes the change in promoter group that has already taken place.
For shareholders, this is a procedural confirmation of an already completed change in promoter group and management. The actual transfer of 70.12% ownership has already happened via open offer; this filing simply removes the outgoing individuals' names from the promoter list. Existing public shareholders should already be familiar with the new promoter and any impact from the open offer.