Extract of Minutes of Board meeting held on 28th May, 2026 for considering reclassification of "Promoter" to "Public" Category
Awaiting price reaction for this filing.
PIPAN OILS LTD (BSE Scrip: 538537) announced that its Board has approved the reclassification of Raconteur Granite Limited from 'Promoter' to 'Public' category shareholder. The promoter entity holds 5,00,000 equity shares (2.85% stake). The company confirmed that Raconteur Granite Limited has no direct/indirect association with the business, no influence over policy decisions, and is not involved in day-to-day activities. The reclassification is subject to BSE approval and satisfies all conditions under SEBI Regulation 31A(3)(b), including minimum public shareholding compliance and no outstanding dues to SEBI or exchanges.
This reclassification reduces the promoter group holding by 2.85%, potentially increasing public float. The move signals a promoter exiting control/influence over the company, which could be viewed cautiously by investors regarding ownership stability.