EFC (I) Limited has informed the Exchange regarding 'Intimation regarding receipt of No-objection Letter for reclassification from Promoter category to Public category under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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EFC (I) Limited has received a No-Objection Letter from the exchange/exchanges for reclassifying certain shareholders from the 'Promoter' category to the 'Public' category under Regulation 31A of SEBI LODR Regulations, 2015. This reclassification, once completed, will reduce the company's promoter-group shareholding and correspondingly increase the public shareholding. No specific number of shares or percentage has been disclosed in this intimation. The move is typically initiated when outgoing promoters no longer exercise control over the company or wish to exit the promoter framework.
Shareholders should note that this reduces the promoter shareholding in the company, which means lower promoter control and potentially lower promoter commitment to the business. This could be a signal of promoter exit or reduced promoter involvement, though it does not automatically mean a sale of shares on the market.