Intimation of receipt of request for reclassification from "Promotor" Category to "Public" Category.
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Awaiting price reaction for this filing.
Mr. Y. Ramesh Reddy, a promoter holding 1,896,000 equity shares (6.47% / 6.49% as mentioned in his letter) of Edvenswa Enterprises Ltd, has requested the company to reclassify him from the 'Promoter' category to the 'Public' category under SEBI LODR Regulation 31A. In his request, he has confirmed he does not hold more than 10% voting rights, does not exercise control, has no board representation, and is not a key managerial person. He cited a SEBI order related to the Brightcom Group matter (currently sub-judice before the High Court) as the reason, stating he had already stepped down as Director and ceased to be a KMP. The reclassification still requires approval from the Board of Directors, shareholders, and a no-objection from the stock exchange (BSE).
If approved, the company's promoter group shareholding will decrease by approximately 6.47%, while the public category shareholding will increase correspondingly. This signals governance changes at the promoter level but is not a market sale; near-term stock price impact is likely limited unless further promoter reclassifications follow.